What is the written agreement between a property manager and a property owner known as?

The written agreement between a property manager and a property owner is referred to as a property management agreement. This document outlines the responsibilities and obligations of both parties, including how the property will be managed, the duration of the management period, and the financial arrangements involved, such as management fees and expenses.

A property management agreement serves as a vital legal framework that establishes the authority of the property manager to act on behalf of the property owner. It is specifically tailored to address the management of real estate properties, distinguishing it from other types of contracts, such as lease agreements, which are focused on the rental arrangements between property owners and tenants. Additionally, tenant agreements specifically govern the relationship and terms between landlords and renters, while sales contracts pertain to the transfer of ownership of property, making them irrelevant in the context of property management.