What is the role of the property manager in the management agreement?

In a management agreement, the property manager acts as an agent on behalf of the property owner. This role involves representing the owner's interests in managing the property effectively. As an agent, the property manager is entrusted with specific responsibilities, such as finding and screening tenants, collecting rent, maintaining the property, and ensuring that the owner’s investment is well-managed.

The agent's role signifies a fiduciary relationship, which requires the property manager to act in the best interests of the property owner, maintaining transparency and accountability in all dealings. This relationship is fundamental to ensuring that the property is managed efficiently and aligns with the owner's goals, whether that be maximizing income, maintaining the property, or enhancing its value over time.

Understanding the distinction of the property manager as an agent is crucial in real estate, as it underscores the expectations and responsibilities involved in property management. Other roles like tenant, principal, or investor do not accurately represent the function of a property manager within the context of a management agreement.