What is a common requirement for all property management agreements?

A common requirement for all property management agreements is that they must be written agreements. This requirement exists to ensure clarity and enforceability of the terms and conditions outlined in the agreement. A written contract helps to establish expectations for both the property owner and the property manager, detailing responsibilities, fees, and the scope of services provided. This also provides legal protection for both parties, as having a documented agreement can serve as evidence in case of disputes.

While verbal agreements can exist informally, they are not advisable for property management due to the complexities involved and the potential for misunderstandings or disputes. Informal agreements may lack the necessary detail and legal protections that a written agreement offers, making it harder to uphold rights and obligations. Additionally, property management can span both residential and commercial properties, so limiting agreements only to residential properties is not accurate. Hence, the requirement for a written agreement is essential in the practice of property management.