Written agreement for property management

[Nancy D.]

Hi,

I'm looking to rent out my condominium in Hoboken, New Jersey. I'm living abroad in Australia and don't intend to return to the US. I've been trying to sell my apartment for months now but it's been sitting on the market empty and the monthly payments are eating me alive. I have someone in mind that I'd like to hire as my property manager (he also owns a condo in my building) but I'm looking for a property management agreement that we can use as an agreement between us, though I'm having a hard time finding one online. Does anyone have a sample property management agreement template that they'd be willing to share?

[Chris Wosnitzer]

I have spoken to the NJ Real Estate Commision directly about property management and the law is: if the PM is collecting rents they need to be a licensed agent/broker. If they are not collecting rents then they can be a PM up to 8 residential units, and do not actually have to be a licensed property manager. After 8 properties they need to be licensed, regardless if they are collecting rents or not.

Hope this helps