What is the written contract between a property owner and a property manager called?

The written contract between a property owner and a property manager is known as a management agreement. This document outlines the responsibilities, duties, and authority of the property manager in managing the property on behalf of the owner. It typically includes details such as the scope of management services, the duration of the agreement, and the compensation structure for the property manager.

Management agreements are vital because they formally establish the working relationship between the property owner and the manager, ensuring that both parties have clear expectations and legal protections. The property manager is authorized to make decisions and take actions on behalf of the owner, such as handling maintenance, collecting rent, and managing tenant relations, all of which are defined in the management agreement.

Other types of agreements, such as leasing agreements, are focused on the relationship between landlords and tenants rather than between property owners and managers. While a tenancy agreement might pertain to the lease between a tenant and a landlord, it lacks the specific focus on management duties and owner-manager dynamics that the management agreement provides. Therefore, identifying the correct term as the management agreement is crucial in understanding property management practices.