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A property management agreement is established between a property manager and the property owner for one or multiple properties. Property managers oversee and maintain properties, and many states require them to hold a property management or real estate license, with only six states not having such requirements. The responsibilities of property managers vary based on client preferences; some owners delegate all tasks while others prefer to retain control over certain matters like utility payments. Common duties include collecting rent and security deposits and promptly filling vacancies. The agreement should outline management charges and specific terms related to property care and owner involvement.
