South Dakota Property Management Agreement | Commercial & Residential

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Updated February 26, 2024

A South Dakota property management agreement is a contract between a licensed property manager (or real estate broker) and an owner of property. The contract passes power to the property manager to represent the owner in overseeing the rental or leasing of their real estate. Within the provisions of the document will be listed the amount and form of compensation awarded to the manager, the duties for which they are responsible and exempt, and the term of the agreement. Generally speaking, a property manager is expected to collect rents from tenants, negotiate the cost of rent, list the property when available, and ensure the upkeep of the unit(s).

Laws

§ 36-21A-130

Requirements (§ 20:69:14:02) – No real estate broker’s license is required to operate as a property manager; however, a property management license (a type of restricted license) must be obtained to perform the majority of duties expected of an owner’s representative. An exemption applies to managers of state or federal housing (§ 36-21A-48).

Verify a Property Manager – South Dakota Department of Labor & Regulation