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A Colorado property management agreement spells out the obligations and rights of a person or business contracted to look after another party’s property. The property manager will see that rent is paid, the property is in good order, security deposits are collected, and tenants are looked after. The contract will state how the manager will be compensated, usually by a flat rate or a portion of the monthly rent.
Laws
License Required? Yes. Several duties that a property manager will often need to carry out, such as renting and leasing a property, require a broker’s license (§ 12-10-202).
Agreement Requirements – This agreement must be drafted by an attorney and include information such as (Colorado Dept. of Regulatory Agencies, Rule 7.1.B):
- A sentence stating: “This form has not been approved by the Colorado Real Estate Commission.”
- The name of the attorney or legal firm who drafted the document.
- The name of the broker, employing broker, or brokerage business for which the form was created.
Exceptions – Salaried on-site managers of condominiums or apartments are exempt as long as they only carry out “customary duties” for their employer (§ 12-10-201(6)(b)(12) & (13)).
Verify a Manager – https://apps.colorado.gov/