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Updated on May 15th, 2023
A Wisconsin property management agreement allows a property owner and a real estate broker to enter into a binding contract for the management of the owner’s real estate. The document lays out all the terms under which the broker agrees to manage the owner’s residential property, tenants, and leases. Compensation is often structured as regular payments in addition to fees for individual services, such as signing a new lease, conducting inspections, or overseeing repairs.
Laws
License Required? Yes. If the property manager provides any of the following services, a broker’s license is required (§§ 452.01(2)(a),(b),(c), 452.03):
- Offering or negotiating the rental, sale, purchase, or exchange of property
- Promoting a property for rent or lease
- Showing a property for rent or lease
Exemptions – No license is required for employees of the owner or property manager to exhibit rental units to prospective tenants, accept lease applications, and provide lease information (§ 452.01(3)(e)).
Verify a Manager – licensesearch.wi.gov
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