A Michigan property management agreement is used to hire a property manager and define how they’ll carry out their job. The document is drafted to establish the terms and conditions of the manager’ position. Generally, a property manager is responsible for maintaining the premises, handling rent payments and security deposits, and finding and screening tenants. The agreement ensures the arrangement between the parties is understood and recorded without ambiguity.
Laws
License Required? Yes, property management can only be performed by a licensed real estate broker, with the exception of a property owner managing their own property (§ 339.2501(u), § 339.2503(1)).
Agreement Required? Yes, a property management agreement is legally required in Michigan (§ 339.2512c(1)).
Verify a Manager – lara.michigan.gov