How to Write a Property Management Agreement? An Illinois property management agreement is a binding contract between a landlord and a party they have selected to manage their property.An Illinois property management agreement allows the owner(s) of real estate to grant another individual permission to manage their property. A property management agreement is an essential contract that defines the relationship between property owners and property managers. Manager shall perform its duties in a diligent, careful, and professional manner to maximize all revenues to Owner and to minimize expenses. This document clearly defines property owners' and management companies' roles, responsibilities, and expectations. Illinois has leasing agent licenses, broker licenses, and managing broker licenses. In addition, CAM licenses are required for community association managers. Owner agrees to re-key unit locks after every tenant moves out. IHDA-Assisted Multifamily Rental Housing.