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A property management agreement establishes a relationship between a property manager and property owner(s). Property managers oversee and maintain properties, with many states requiring them to have a license. Generally, property managers handle various responsibilities, which can vary based on client preferences. Some owners want managers to manage all aspects, while others prefer to maintain some control, such as paying utility bills. Common duties include collecting rent and security deposits and quickly filling vacancies. The specific scope of responsibilities is outlined in the contract, ensuring clarity on management charges and services provided.