A property management agreement is an essential contract that defines the relationship between property owners and property managers. Manager agrees to collect all rents as they become due; to render to.A Property Management Agreement is a contract between the owner of a piece of property and a company or person hired as the manager of that same property. The Property Manager shall manage, operate and maintain the Project in a commercially reasonable manner for the tenants thereof. Instructions for a property manager and property owner. A real estate management agreement is a legal contract that creates the relationship between the owner of the property and the manager of the property. Hi Lenesia, I have heard about this type of fee. Photocopies and mailed or delivered in a sealed envelope to The HARRIS CENTER. In a consulting agreement, property managers provide advice and guidance to property owners, but they don't take an active role in management.