What is an important factor addressed in a management agreement?

In a management agreement, the focus is primarily on the operational aspects of a property, which includes specifying the responsibilities of the property manager regarding operation and leasing activities. This encompasses tasks such as tenant relations, leasing strategies, maintenance of the property, rent collection, and overall management to ensure the property is run efficiently and profitably.

By clearly outlining these operational duties, the management agreement ensures that both the property owner and the property manager are on the same page regarding expectations and responsibilities, which can lead to better management outcomes. The management agreement serves as a crucial framework for how the property will be handled day-to-day, making operation and leasing activities a central theme within this contract.