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A property management agreement is established between a property manager and property owner(s) to define roles and responsibilities. Property managers oversee and maintain properties, often requiring a license in most states, with only six states not mandating one. Responsibilities vary based on client preferences, ranging from full management to limited control, such as paying utility bills. Common duties include collecting rent and security deposits, filling vacancies quickly, and handling maintenance. The agreement should outline management charges and specific tasks expected from the property manager. This ensures clear expectations and effective property management.