Property Management Agreement Template

An agreement between an owner and a property manager that sets the properties, the manager's authority and duties, fees, trust account handling, reports, insurance and how either side can end it.

Use this template

Free, no sign up. Fill it in by hand or edit the Word file.

General information, not legal advice. This template is a starting point. Laws differ by state and city, so have a licensed attorney review your final document before you use it.

Last reviewed

Before you use it

  • A property management agreement makes the manager the owner's agent and spells out exactly what the manager may do.
  • Fees, repair approval limits and how owner funds and tenant deposits are held cause most disputes, so be specific.
  • Many states require a license to manage rentals for others and set trust account rules for the money.
  • Plan the exit: notice to end, early termination costs, and what the manager hands over.
Read the full guide to this form

How to fill it in

  • Underlined spaces are blanks to fill in. The small label says what goes there.
  • Shaded boxes mark rules that change by state. Look up the rule where the property is located.
  • Delete clauses that do not apply, and add any disclosures your state or city requires.

General template, not legal advice. Have an attorney in your state review before use. Last reviewed October 29, 2026.

Property Management Agreement

This Property Management Agreement (the "Agreement") is made on Date signed between the owner of the properties listed below (the "Owner") and the property manager (the "Manager"). The properties are located in State, and the law of that state governs this Agreement.

1. Parties

Owner legal name and entity type
Owner address, phone and email
Manager company name
Manager license number, if the state requires one
Manager address, phone and email
Owner's tax ID provided on a W-9: yes or no

Many states require a real estate or property management license to manage rentals for others for a fee. The Manager confirms it holds any license the state requires.

2. Properties

Property addressTypeUnitsCurrent occupancy
    
    
    

3. Term

This Agreement starts on Start date and runs for Initial term in months months, then renews month to month until ended under section 13.

4. Appointment and authority

The Owner appoints the Manager as its exclusive agent to rent, lease, operate and manage the properties. The Manager may, in the Owner's name and for the Owner's account:

  • Advertise vacancies and show units
  • Screen applicants under written criteria that comply with fair housing law
  • Sign leases, renewals and notices on terms within the Owner's guidelines
  • Collect rent, deposits and other charges
  • Serve notices and, with the Owner's approval, start and handle eviction cases through counsel
  • Hire, supervise and pay vendors for repairs and services
  • Make repairs up to $Repair approval limit per item without prior approval, and any amount in an emergency that threatens health, safety or property
  • Pay property expenses from Owner funds, such as utilities, insurance and taxes the Owner asks the Manager to pay

5. Owner guidelines

Minimum rent or rent setting approach
Maximum lease length
Pet policy
Screening criteria approved by Owner
Expenses the Owner pays directly

6. Manager duties

The Manager uses reasonable care and skill, follows all laws that apply to the properties, including fair housing, deposit, habitability and privacy laws, keeps accurate records, and responds to tenant maintenance requests within a reasonable time. The Manager does not promise any level of occupancy or income.

7. Owner duties

The Owner gives the Manager copies of current leases, deposit records, keys, warranties and vendor contracts; keeps property insurance and liability insurance naming the Manager as additional insured; funds the operating reserve; and pays for required repairs and legal compliance. The Owner tells the Manager about any known defects, hazards or disputes.

8. Money handling

The Manager deposits rents and tenant security deposits in a trust account separate from the Manager's own funds, as state law requires, at Bank name. The Owner keeps an operating reserve of $Operating reserve in the account. Security deposits are held and returned according to the leases and the law.

Deposit holding rules: Check the rule in your state

By the Day of month day of each month, the Manager sends the Owner a statement of income and expenses for the prior month and pays the Owner the balance above the reserve by Owner payment method.

9. Fees

FeeAmount or rateWhen earned
Monthly management feePercent of collected rent or flat feeEach month, on rent collected
Leasing fee When a new lease is signed
Renewal fee When a renewal is signed
Maintenance coordination  
Eviction coordination  
Setup fee On signing

The Manager will not mark up vendor invoices or receive referral payments from vendors unless disclosed here: Disclosed markups or referral fees, or none. Late fees paid by tenants belong to Owner or Manager.

10. Reports and records

The Manager provides monthly statements, an annual income and expense summary, and the information needed for year-end tax forms. The Owner may inspect the records for its properties on reasonable notice. The Manager keeps records for at least Years years or longer if the law requires.

11. Insurance and indemnity

The Manager keeps general liability insurance and, if it has employees, workers' compensation, and may keep errors and omissions coverage. The Owner indemnifies the Manager for claims arising from the properties except those caused by the Manager's negligence, willful misconduct or breach of this Agreement. The Manager indemnifies the Owner for claims caused by the Manager's negligence, willful misconduct or breach.

12. Fair housing

Both parties will comply with federal, state and local fair housing laws. The Owner will not instruct the Manager to act in a way that discriminates, and the Manager may refuse any instruction that would.

13. Ending this Agreement

After the initial term, either party may end this Agreement with Days of notice days' written notice. Either party may end it sooner on written notice if the other materially breaches and does not cure within 30 days. Ending early during the initial term costs Early termination fee, or none.

Within Days days after the Agreement ends, the Manager delivers a final accounting, all Owner funds and tenant deposits, leases, keys, records and vendor information, and notifies tenants where to pay rent.

14. General terms

This Agreement is the entire agreement. Changes must be in writing and signed. Neither party may assign it without consent. Notices go to the addresses above. If a part is unenforceable, the rest remains. Electronic signatures count as originals.

15. Signatures

Owner signaturePrinted nameDate
Manager, by authorized signer and title signaturePrinted nameDate

General template, not legal advice. Have an attorney in your state review before use.