What does a property management agreement entail?

A property management agreement is fundamentally a contract that outlines the management terms and conditions agreed upon between the property owner and the property management company or manager. This document typically contains detailed provisions regarding responsibilities, fees, duration of the agreement, and how the property manager will manage the property on behalf of the owner. The clarity and specificity of this agreement are important as it governs the operational aspects of property management, ensuring both parties understand their roles and expectations.

The other options do not accurately represent the purpose or content of a property management agreement. Selling a property at auction is unrelated to property management, as it focuses on the transaction of ownership rather than the day-to-day management of a property. A lease is a different type of agreement that specifically details the rental terms between owners and tenants, while an agreement solely for maintenance services would lack the broader scope required of a property management agreement, which encompasses various management functions beyond just maintenance. Therefore, the most accurate description of a property management agreement is that it is a contract specifying management terms between the owner and manager.