What is the main purpose of a property management agreement?

The main purpose of a property management agreement is to outline the responsibilities of the property manager and the property owner. This legal document clearly defines the scope of work and expectations for both parties involved. It details the duties the property manager will take on, which may include marketing the property, screening tenants, collecting rents, maintaining the property, and handling tenant relations. By establishing clear guidelines and responsibilities, this agreement helps ensure that both the property owner and the manager understand their roles, thereby promoting a professional relationship and effective property management.

In contrast, determining rental prices, attracting potential tenants, or selling the property are not the primary functions of this agreement, as they may fall under specific tasks covered within the broader context of the management responsibilities.