Updated on May 8th, 2023
A New Jersey property management agreement establishes a working arrangement where a manager gets paid to take over the real estate responsibilities of a property owner. The agreement outlines the manager’s services and fees, each party’s liabilities, and other essential details about taking care of and running the owner’s property. If the property manager is in charge of the leasing process, the agreement might include guidelines for rent collection and evictions, as well as procedures for handling tenants’ security deposits.
Licensed Required? Yes, a property manager must have a real estate license in order to negotiate lease agreements, collect rent, sell property, or do other related property management activities (§ 45:15-1, § 45:15-3).
Verify a Manager – www-dobi.state.nj.us