Property management agreements do NOT typically include which element?

Property management agreements primarily serve to outline the relationship between the property owner and the property manager, detailing the responsibilities and expectations of each party. Such agreements commonly include elements like commissions, which specify the fees charged for managing the property, rents, which relate to how rental income is handled, and the frequency of reports, ensuring that the property owner receives updates on management activities and financial performance.

The inclusion of building age is less common in property management agreements because it does not directly impact the management of the property on an operational level. While a property manager may need to take the building's age into account for maintenance or renovation purposes, it is not usually specified in the management agreement as a contractual element. Thus, building age is typically not considered a key aspect of these agreements, distinguishing it from the more operational and financial components that are usually included.