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A property management agreement outlines the relationship between a property manager and the property owner. Property managers oversee and maintain properties and may require a license, as many states mandate licenses to manage residential properties. Responsibilities vary based on client preferences, with some owners wanting full management while others desire more involvement. Typically, property managers handle tasks such as collecting rent and security deposits, addressing vacancies, and maintaining the property. Key aspects of a management agreement include management charges and specific duties to ensure both parties understand their rights and responsibilities.
