A property management agreement creates a contractual relationship between which parties?

A property management agreement establishes a contractual relationship between a property manager and the property owner. This contract outlines the duties and responsibilities of the property manager, who is tasked with managing the owner's property, ensuring that it is maintained, leased, and generating income. The agreement typically covers various aspects, such as rental price, maintenance responsibilities, and authority to act on behalf of the owner.

The relationship does not include tenants or real estate brokers in the context of the property management agreement itself. While tenants may have their own agreements regarding their tenancy, those relationships are separate from the contractual obligations established between the property manager and the owner. Similarly, a property manager may work with a real estate broker for various functions, but this is not inherently part of the property management agreement, which focuses solely on the owner-manager dynamic.

Therefore, the crucial aspect of this relationship lies in the property manager's role in representing the owner's interests, providing the necessary services to maximize the property's potential while adhering to the management agreement's terms.