A Property Management Agreement is a legal agreement between a property owner and a professional property manager outlining the responsibilities and services each will provide, along with the associated fees. It outlines the roles and obligations of each party and establishes expectations for their relationship. The agreement also helps clarify issues such as security deposits, rent collection, maintenance and repair, tenant screening, lease enforcement, and more. By carefully documenting the terms of both parties in a legally binding document, it ensures that all parties are aware of their roles and rights, minimizes potential disputes, and protects everyone from liability.