This agreement will outline the duties, obligations, and responsibilities of both parties. A property management agreement is an essential contract that defines the relationship between property owners and property managers.This document is an exclusive property management agreement between an owner and agent to lease and manage a rental property. Whether the manager is an individual or a company, their name must be included in the contract. 1. Read the entire contract to understand its provisions. Use this template when you're renting out a room in your property and need to set rules and boundaries. Managing lease agreements is crucial for landlords, property managers, and tenants. Landlords and their tenants often use North Carolina Lease Agreements for the purpose of defining their tenancy arrangements. North Carolina rental agreements are contracts to be used between a landlord and tenant for commercial or residential property.