Essential clauses of a property management agreement Introduction. The intro part identifies the document as a property management agreement. Recitals. Description of rental property. Property manager's duties; obligations. Owner's obligations. Reimbursement of expenses. Term. Compensation.
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A property management agreement is a contract between a property owner and the management firm. It outlines how that company will run the rental property's daily operations. Therefore, this document aims to define what services are the responsibility of the property manager and what tasks remain with the owner.