Free Illinois Property Management Agreement
A contract between a property owner and a property manager outlining management duties, fees, authority, and responsibilities for a rental property. Compliant with 765 ILCS 705 et seq..
What's Included in Your Property Management Agreement
10 key sections — state-compliant for Illinois
What's Included in Your Property Management Agreement
10 key sections — state-compliant for Illinois
Free Illinois Property Management Agreement
Hiring a property manager in Illinois? Our free agreement template clearly defines duties, fees, authority, and responsibilities — protecting both the property owner and manager.
What a Property Management Agreement Covers
- Management fees — Monthly percentage and placement fees
- Scope of duties — Rent collection, maintenance, tenant screening
- Spending authority — Limits on maintenance expenditures
- Legal compliance — Adherence to 765 ILCS 705 et seq.
- Termination terms — How to end the relationship
Illinois Property Management Requirements
Under Illinois law:
- Security deposits: No statutory limit (Chicago: 1.5 months) limit, return within 30 days
- Required disclosures: 3 items
- Lease termination notice: 30 days for month-to-month
Frequently Asked Questions: Illinois Property Management Agreement
What is a typical property management fee in Illinois?
Property management fees in Illinois typically range from 8-12% of monthly rent collected. Additional fees may include lease-up/placement fees (50-100% of first month's rent) and maintenance markups.
Does a property manager need a license in Illinois?
Most states require property managers to hold a real estate broker's license or work under one. Check Illinois's specific real estate licensing requirements with the state real estate commission.
Can I terminate a property management agreement?
Yes, our template includes a 30-day termination clause. Most property management agreements in Illinois allow either party to terminate with written notice, though some may include early termination fees.
Is this property management agreement free?
Yes, 100% free. Generate your Illinois-compliant property management agreement and download the PDF. No account needed.