Free Michigan Property Management Agreement | Commercial & Residential - Word

Updated October 04, 2022

A Michigan property management agreement is used by property owners to sign-on an agency or broker to act as general manager of their property and oversee its rental to tenants. The manager is in charge of keeping the property in good condition and maintaining or increasing its value. Most agreements will have a one (1) year term with options to terminate by either party and compensate the manager with a commission of the rental income. Managers will also receive payments for individual services and access to an expense fund in most cases.

Laws

Requirements (§ 339.2512c, § 339.2503) – Property management can only be performed by the owner, the owner’s employee, or a licensed real estate broker and must be done in accordance with a property management employment contract.

Verify a Property Manager – https://www.lara.michigan.gov/