By making it a performance document, it is easier to measure the success and positive impact of the manager on the owner`s property. While Realtax.com cites this as an advantage for the owner, it is clearly also a valuable tool for the manager. The more specific the document, the easier it will be for both parties to define their boundaries and assume their responsibilities. A well-developed agreement contains a clause relating to the nature of the insurance coverage that a building owner must bear for the building. Real estate administrations should take out their own insurance to protect their belongings – this can also be stipulated in the contract. A property management contract is a contract between a property owner and the company or person in charge of managing the property. This contract covers all the responsibilities that a management company assumes for the owner. . . .