What is a fiduciary duty in property management?

A fiduciary duty in property management refers to the obligation to act in the best interests of clients. This duty encompasses loyalty, care, and full disclosure, meaning that a property manager must prioritize the needs and interests of their clients above their own. It is essential for maintaining trust and ensuring that all decisions made benefit the owner of the property, safeguarding their investment and providing them with the highest possible return.

While confidentiality, tenant satisfaction, and maintaining repair records are all important responsibilities within property management, they do not encapsulate the broader, overarching concept of fiduciary duty. They may relate to aspects of property management but do not directly define the fundamental ethical and legal obligation a property manager has to prioritize the interests of their client.