What are property management agreements?

Property management agreements are crucial documents that outline the responsibilities and obligations between property owners and property managers. These agreements are designed to define the scope of the property manager's duties, which can include rent collection, maintenance, tenant relations, and other operational aspects of managing a property on behalf of the owner.

The importance of these contracts lies in their ability to establish a clear understanding of expectations and responsibilities, protecting both parties involved. By detailing everything from management fees to the duration of the agreement and conditions for termination, these contracts ensure that the property is managed effectively while providing legal protections for the owner and the manager.

In contrast, contracts between tenants and landlords primarily focus on lease terms and conditions specific to renting the property. Partnership agreements among real estate agents relate to business collaborations rather than property management. Lastly, written promises to sell property at a fixed price pertain to sales agreements, not the management of properties. Hence, the correct answer accurately reflects the nature and purpose of property management agreements.