A Minnesota property management agreement presents the terms of conditions of a property manager’s job and their relationship to the real estate owner. It’s main function to specify each party’s rights and responsibilities. For example, an agreement might establish the company or individual’s right to handle property-related expenses, hire contractors, and list the property online. A well-drafted contract ensures that all aspects of the property’s management are addressed and handled properly.
License Required? Yes, property management duties must be performed by a licensed real estate broker (§ 82.55.19(a)).
Exceptions – An employee of the property owner or real estate broker does not need to be licensed to perform property management activities (§ 82.56(d)).
Verify a Manager – mn.gov/commerce