Illinois Property Management Agreement

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Illinois Property Management Agreement

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Last updated May 27th, 2023

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An Illinois property management agreement is a binding contract between a landlord and a party they have selected to manage their property. The document should clearly define what is expected of the property manager; common duties include rent collection, eviction, financial reporting, collecting security deposits, and finding new tenants. The manager’s compensation terms, the responsibilities of the property owner, as well as the signatures of both parties should be included in the form.

Laws

License Required? Yes. The majority of the property manager’s responsibilities are categorized as “broker” activities and need a real estate license (225 ILCS 454/5-15(a)).

Exceptions? There are some cases where a property manager does not need a license:

  • For property owners managing their property, this exemption extends to their employees as long as they are not brokers (225 ILCS 454/5-20(1)).
  • Resident owners who live on the premises are exempt (225 ILCS 454/5-20(4)).
  • Individuals may acquire a Residential Leasing Agent License, allowing them to carry out duties related to renting and leasing residential real property without obtaining a full broker’s license (225 ILCS 454/5-5).

Verify a Manager – https://online-dfpr.micropact.com/