Property Management Agreement Template - Illinois

An Illinois Property Management Agreement gives permission for another party to act as a property manager, as allowed by the owner of a property. The specific responsibilities should be discussed and decided upon prior to the agreement being signed. Usually, the owner will be too busy to keep track of and work with the property themselves. Instead, they hire an individual (or a company) to carry out the most important functions on their behalf in exchange for financial compensation.

The general duties concern working with tenants and finding replacements should this be needed as well as looking after the property by ensuring all scheduled maintenance and repairs occur. All of this needs to be organized and documented by the manager. However, the individual must have a broker's license if they want to work and carry out all of the described duties. Although in Illinois, it is possible to get hold of a separate license specifically for renting out properties which is much simpler to do.

To start, we would recommend using an Illinois Property Management Agreement template which can be downloaded by clicking the link below.

Still looking for a particular template? Take a look at the related templates below:

• Eviction Notice Template;
• Rental Inspection Checklist Template;
• Rental Application Form.