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A property management agreement outlines the relationship between a property manager and property owner(s) regarding oversight and maintenance of properties. Property managers, often licensed in many states, handle various responsibilities that can vary based on client preferences. Common duties include collecting rent and security deposits, filling vacancies, and maintaining property conditions. While some property owners favor a hands-on approach, allowing managers to take full responsibility, others prefer to manage certain aspects independently, such as paying utility bills. It's essential for the contract to specify management charges and outline the extent of the manager's responsibilities.