In Maryland, which is NOT a benefit of having a property management agreement?

In Maryland, having a property management agreement offers numerous advantages, but guaranteeing the retention of tenants is not one of them. A property management agreement serves to formalize the relationship between the property owner and the property manager by establishing clear expectations and responsibilities.

The agreement typically provides legal protection for property managers by defining their role and outlining their responsibilities, reducing the likelihood of legal disputes over misunderstandings or miscommunications. It also clearly outlines the services that the property manager will provide, ensuring both parties are on the same page regarding management tasks, maintenance responsibilities, and financial management.

Moreover, the defined scopes of responsibility detail what is expected from the property manager, encompassing everything from tenant screening and lease agreements to property maintenance. However, tenant retention depends on various factors such as market conditions, property appeal, and effective management practices, which can never be guaranteed through a contractual agreement.