What does a property management agreement typically include?

A property management agreement is a formal document that outlines the specific responsibilities and expectations between a property owner and a property management company. This agreement is essential for ensuring both parties understand their roles and what services will be provided. The correct response highlights that the agreement typically includes the obligations of the owner, which may encompass aspects such as maintenance responsibilities and payment structures, as well as the details of the management services offered by the property manager, like tenant placement, rent collection, and property maintenance.

Including these elements serves to clarify the working relationship and establish a framework for managing the property effectively. This alignment helps avoid misunderstandings and ensures that both the owner and the property manager are on the same page regarding their duties and the services being rendered. Elements such as marketing strategies, conditions for tenant evictions, or specifics about a mortgage are generally not central to a property management agreement, as they do not primarily define the management relationship itself.