As a property manager, which type of agency does one typically practice?

A property manager typically practices general agency. In the context of property management, general agency refers to a situation where the property manager has the authority to act on behalf of the property owner in a variety of matters related to the management of the property. This includes leasing, collecting rents, making repairs, and handling tenant relations, along with other day-to-day operational decisions.

The relationship established in a general agency allows the property manager significant discretion within the scope of authority granted by the property owner. They can enter into contracts, make binding decisions, and conduct negotiations as needed to manage the property effectively. This broad scope of authority distinguishes general agency from other agency types.

Universal agency represents a broader scope, allowing an agent to act on behalf of a principal in all matters, which is typically not the case for property managers. Special agency is more restricted, where the agent is empowered to act for the principal in only one specific transaction or duty, such as selling a house. Dual agency, on the other hand, involves one agent representing both the buyer and seller or landlord and tenant in a real estate transaction, which is quite different from the ongoing relationship seen in property management.