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Updated on May 10th, 2023
A Montana property management agreement creates an arrangement where an individual or company will handle all or part of an owner’s property management duties. It outlines each party’s obligations and rights in the relationship, such as the manager’s day-to-day responsibilities and their level of autonomy. The agreement also sets the duration of the arrangement, the terms for early termination, and the procedure for resolving disputes.
Laws
License Required? Yes, a valid property management license is required by law (§ 37-51-601). The following exceptions apply to this requirement (§37-51-602):
- The owner’s relatives
- A person leasing out four or fewer rental units
- The owner’s employee, so long as property management is a small part of their job
- A person earning income from a sole property manager or owner
- A licensed real estate broker or salesperson acting under a broker
- A person who is compensated by the owner with a salary or reduced rent, provided they do not have control over the account receiving or sending property revenue
- Property managers of subsidized housing for low-income individuals
Agreement Required? Yes, a property management agreement that is signed by the owner is required (Rule 24.210.628(3)(u)).
Verify a Manager – ebiz.mt.gov
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