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Contractual agreement between a commercial or industrial rental property owner and an individual or firm who agrees to maintain the property. Management agreements specify the nature of services to be provided and the extent of authority a property manager has. Normally, the fees charged by a property manager are a widely varying percentage of the gross rentals depending on the services required and the size of the property. For example, a management agreement provides full maintenance services for a 40-unit apartment house, and the property manger charges 5% of all gross rental receipts for the maintenance services.