Illinois Property Management Agreement

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Illinois Property Management Agreement

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.

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Last updated May 13th, 2025

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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.

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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/