What is the legal agreement between a property owner and a property manager called?

The legal agreement between a property owner and a property manager is called a property management agreement. This document outlines the specific responsibilities, duties, and authority of the property manager, as well as the compensation structure.

A property management agreement typically includes details such as the term of the agreement, the scope of services provided (such as maintenance, tenant screening, rent collection, and eviction processes), and the extent of authority granted to the property manager. This contract is crucial because it establishes the working relationship and ensures that both parties are clear about their obligations and expectations.

While a lease agreement pertains to the rental terms between a landlord and a tenant, and a management contract may suggest a broader range of services not specific to property management, the specific term “property management agreement” accurately describes the document that governs the relationship between property owners and managers. A service contract could also imply various service arrangements, but it may not specifically refer to property management. Hence, “property management agreement” is the most precise and widely recognized terminology in the context of property management.