What is the primary purpose of a "property management agreement"?

The primary purpose of a property management agreement is to define the relationship and responsibilities between the property owner and manager. This agreement serves as a formal contract that delineates the roles, duties, and expectations of both parties. It ensures that the property manager is authorized to act on behalf of the owner in managing the property, which includes leasing, maintenance, financial reporting, and tenant relations.

By explicitly laying out these responsibilities, the agreement protects the interests of both the owner and the manager. It helps prevent misunderstandings and disputes regarding duties and expectations, which can arise in any management scenario. A well-structured agreement clarifies issues such as the extent of the property manager's authority, fee structures, and procedures for dealing with tenant issues, thereby promoting an effective working relationship.

The other options, while related to property management, do not encompass the broad scope of defining the relationship between the owner and the property manager. Establishing rental pricing, outlining security measures, and determining maintenance schedules can be components of the overall management process but are not the primary intent of the agreement itself.