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Updated on May 8th, 2023
A New Mexico property management agreement creates a professional relationship where a manager gets paid to oversee and maintain property for the owner. It defines the manager’s compensation and lists the tasks they’ll handle, which often include leasing property, screening tenants, collecting rent, and responding to maintenance issues. Both property owners and managers should carefully review the agreement’s terms before signing.
Laws
License Required? Yes. New Mexico statutes define a broker as someone who carries out real estate services for payment, including managing properties on behalf of others. As a result, property managers are considered real estate brokers and must have a license to conduct their business legally (§§ 61-29-1 & 61-29-2(A)(3)(b)).
Exceptions – A license is not required for the following (§§ 61-29-2(A)(15) & 61-29-2(C)):
- The management of a homeowner’s association or condominium
- The property owner
- The property owner’s employees
- The employees of a broker acting on the owner’s behalf
Verify a Manager – hnmrldlpi.my.site.com
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