What is the role of a property management agreement?

The role of a property management agreement is primarily to outline the responsibilities and scope of services provided by the property manager. This agreement serves as a formal contract that delineates the duties of the property manager, including tasks such as collecting rent, handling maintenance requests, marketing the property, and ensuring compliance with local laws and regulations.

By clearly specifying these responsibilities, the agreement helps establish expectations for both the property owner and the property manager, thereby fostering a productive working relationship. It also protects the rights of both parties by ensuring that all aspects of the property management process are documented and agreed upon.

The other options address aspects related to property management but do not directly reflect the core purpose of a property management agreement. For instance, while setting rental prices and managing tenant preferences are components of property management, they are not the primary function of the agreement itself. Legal representation in property disputes falls outside the scope of property management agreements, as this typically requires a qualified attorney rather than the property manager.