Property Management for Neighboring Property but I am not local

[Mariah Pierce]

I have a townhouse in Champaign, IL and the owner of the neighboring property has not had luck with local prop management companies and asked me to manage his rental as well. He wants to be as hands off as possible.

I have not done this for someone else before and have not used a management company either so don't know what is "normal." We have a drafted agreement and I'm looking for advice of what to add or ask for.

Some details: 3 bed, 2.5 bath townhome with one tenant (as far as I know). Standard tasks like rent collection, tenant placement, maintenance requests, and lawn care included. 8% management fee, $500 leasing fee when tenant is placed.

I moved to Chicago recently but still travel back to turn my property between mid term tenants (at least once per quarter). What language can I add to the agreement for travel expectations and reimbursement if I ever need to be on-site for an urgent issue outside of my normal visits? Anything else I may be missing?

[Keith Jablonowski]

I believe anywhere in state of IL you need to be a licensed broker and your LLC must be licensed as well in order to legally manage a property that is not owned by you. I would start there to make sure you are compliant.