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A property management agreement is established between a property manager and the property owner, outlining responsibilities and fees. Property managers oversee property maintenance and are often required to have a license, as most states mandate licensing for managing residential properties. The specific duties of a property manager vary based on client preferences; some owners want managers to handle all operations, while others wish to maintain control over certain tasks, like paying utility bills. Common responsibilities include collecting rent, managing security deposits, and promptly filling vacancies.