Minnesota Property Management Agreement | Commercial & Residential

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Updated September 19, 2023

A Minnesota property management agreement is a contract by which a representative is hired to act as the property manager of an individual’s real estate. The property manager, who may be an individual or an agency, will be responsible for maintaining and renting out the property to tenants on the owner’s behalf. The owner will usually pay the manager a flat fee or percentage of profits in addition to providing a fund to cover repairs, renovations, and any other unexpected costs.

Laws

Requirements (§ 82.55 Subd. 19(a), § 82.56) – Anyone except the property owner or their employee who rents, lists, or manages real estate on another’s behalf must be a registered real estate broker.

Verify a Property Manager – https://www.pulseportal.com/