Which item would typically not be part of a property management agreement?

A property management agreement outlines the responsibilities and expectations between a property owner and a property manager. It typically includes essential components that govern the management relationship and operations.

One critical area often covered in these agreements includes the beginning and ending dates, which specify the duration of the management services. The frequency of management reports is also usually detailed to ensure that the property owner receives timely updates on the property’s performance. Additionally, a cancellation clause is important, as it allows either party to terminate the agreement under certain conditions, providing protection for both the owner and the manager.

In contrast, while an annual budget may be relevant to the property management process, it is not a standard element explicitly included in a property management agreement. Budgets are typically developed and discussed as part of the ongoing management process but are not structurally required within the agreement itself. Therefore, indicating that an annual budget is generally not part of the core components of a property management agreement is accurate.