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Why is it important to have a property management agreement?

When an investor comes to you with a property to manage it is important to have a property management agreement that is comprehensive and allows you to take care of the property, make profits for your property management company, and to be able to make a profit for the owner of the property.

Should property managers be licensed?

Yes. Property management licensing requirements vary by state, but most states require property management companies to be licensed by the local real estate board. Property owners should make sure that the firms they hire are properly licensed.

What is a management agreement?

A business management agreement is a contract between the owner of a company and one or more people responsible for managing the company. It outlines the specific roles, responsibilities, and duties of each party involved.

Do property managers need to be licensed in Wisconsin?

A property manager who signs or negotiates leases on behalf of a property owner must either be a licensed broker or be a licensed salesperson associated with a brokerage firm.

What can an unlicensed property manager do?

The general rule of thumb is unlicensed staff must provide services in a ministerial or administrative capacity. They do not have the authority to make decisions or otherwise deviate from the policies, procedures and forms set forth by the brokerage and landlord.

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