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A property management agreement outlines the relationship between a property manager and property owner, detailing the manager's responsibilities and common management fees. Property managers oversee property maintenance and are often required to have a license, with only six states (Kansas, Maine, Maryland, Massachusetts, and Vermont) not mandating one for residential management. Responsibilities vary based on the owner's preferences, with some desiring full management while others prefer to handle aspects like utility payments themselves. Typical tasks for property managers include collecting rent and security deposits, and quickly filling vacancies.
