This Agreement is made and entered into this ___ day of. Use this Property Management Agreement to delegate an Agent the right to lease and manage your real estate property.Download this agreement today. A commercial property management agreement is a contract that spells out the relationship between the property owner and its manager. The relationship between Owner and Hyatt shall be that of principal and agent. Sample Agreements and Forms. (Sample Do not complete this form Complete on Company Letterhead). An Illinois property management agreement allows the owner(s) of real estate to grant another individual permission to manage their property. A commercial property management agreement is a contract that spells out the relationship between the property owner and its manager. Plus, explore the insight and resources available in the Chicago REALTOR® Magazine digital issues.