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A property management agreement outlines the relationship between a property manager and property owner(s). Property managers oversee and maintain properties, and many states mandate that they possess a property manager or real estate license, with only Kansas, Maine, Maryland, Massachusetts, and Vermont exempt. Responsibilities vary based on client preferences, with some owners allowing managers to handle all tasks, while others retain control over specific functions like utility payments. Common duties include collecting rent and security deposits and promptly filling vacancies. Understanding these roles and the necessary charges is essential for creating an effective management contract.