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A property management agreement is established between a property manager and a property owner, outlining the manager's responsibilities. Property managers oversee and maintain properties, and most states mandate that they possess either a property manager license or a real estate license, with only six states not requiring either. Duties vary based on client preferences; some owners allow managers to handle all aspects, while others retain control over tasks like utility payments. Common responsibilities include collecting rent and security deposits and quickly filling vacancies. The agreement should detail management charges and key contractual elements to ensure clarity in the working relationship.
