New Mexico Property Management Agreement | Commercial & Residential

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Updated September 19, 2023

A New Mexico property management agreement is used to bind two (2) parties, a property owner and real estate broker, to a professional contract for the management of a rental property. The broker agrees to manage the owner’s property in exchange for a commission or flat rate, as well as service fees that will be charged to the owner on an individual basis. Property managers must ensure that the property is properly maintained and that rental units are filled by paying tenants. If tenants are delinquent in their rent payments or break their lease, it is the manager’s responsibility to serve the appropriate notices on them.

Laws

New Mexico Real Estate License Law and Real Estate Commission Rules (Part 24)

Requirements (§ 61-29-2(3)) – Only a regular employee of the property owner or a licensed broker is legally permitted to operate as a property manager on behalf of the owner.

Verify a Property Manager – http://verification.rld.state.nm.us/