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A property management agreement outlines the relationship between a property manager and a property owner. Property managers oversee and maintain properties, and many states mandate that they hold a property management or real estate license; only six states—Kansas, Maine, Maryland, Massachusetts, and Vermont—do not require licenses. The responsibilities of property managers vary based on owner preferences, with some owners opting for full management services while others retain control over specific aspects like utility payments. Common duties include collecting rent and security deposits and efficiently filling vacancies.
