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A property management agreement is established between a property manager and a property owner for oversight and maintenance of one or more properties. Property managers often require a license, usually a real estate license, which is mandatory in most states, with only six states not requiring either. Responsibilities vary based on client needs; some owners prefer full management, while others retain control over certain aspects, such as utility payments. Common duties include collecting rent and security deposits and promptly filling vacancies. Key elements in the management contract and standard management charges should also be addressed for clarity and organization.
