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An Indiana property management agreement specifies the terms under which a property manager will care for the owner’s property. The contract will establish what services the manager is responsible for (rent collection, leasing, maintenance, financial reports, eviction, etc.) and how they will be compensated. The duration of the arrangement, the conditions for early termination, and the dispute resolution process are also included in the agreement.
Laws
License Required? Yes. Since most of the tasks required to be carried out by the property manager are regarded as real estate activities, a real estate broker license is necessary (IC 25-34.1-3-2(a)(3)).
Exceptions – A license is not required if an individual is either supervised or employed by a licensed broker renting apartment units (IC 25-34.1-3-2(b)(5)). The licensing requirement also doesn’t apply to owner-managers looking after 12 or fewer rental units on the same parcel of land IC 25-34.1-3-2(b)(6).
Verify a Manager – mylicense.in.gov