Which fiduciary duties do property managers owe owners?

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Property managers act as fiduciaries for owners, entrusted to protect and advance the owner’s interests. This means they must meet three interconnected duties: the duty of care, the duty of loyalty, and the duty of obedience. The duty of care requires acting with competence, diligence, and prudent judgment—handling finances, maintenance, tenant issues, and risk management in a way that safeguards the property and owner’s investment. The duty of loyalty means putting the owner’s interests ahead of the manager’s or any third party’s, avoiding conflicts of interest, and fully disclosing any potential conflicts. The duty of obedience covers following lawful instructions from the owner and implementing policies as directed, while ensuring actions remain within legal and ethical bounds. When all three duties are present, the manager’s conduct aligns with the owner’s goals and protects the asset, which is why the best answer includes all of them. The other options omit one or more of these essential duties, making them incomplete representations of what property managers owe owners.