What is a property manager's primary fiduciary duty to the owner?

Property managers — typically real estate licensees with property management endorsement — owe fiduciary duties to property owners similar to those between any agent and principal. Core duties: (1) Loyalty — acting in the owner's best interest, avoiding conflicts of interest, not self-dealing; (2) Care and skill — competent property management including pricing, marketing, tenant screening, maintenance coordination; (3) Disclosure — informing the owner of material facts affecting the property (offers received, problems, opportunities); (4) Obedience — following the owner's lawful instructions (within professional and legal bounds); (5) Accounting — accurate financial records, regular reports to the owner, proper handling of rents and security deposits; (6) Confidentiality — protecting owner's financial information and business strategy. Property managers also have duties to tenants — habitability, security deposit handling, fair treatment, anti-discrimination — that may sometimes conflict with the owner's preferences. The manager must navigate these obligations professionally. Property management agreements typically address: management fees (often a percentage of rent collected), authority to spend on repairs (with limits), termination procedures, reporting frequency, and other operational details.