What does the term "property management" entail?

The term "property management" specifically refers to the operation, control, and oversight of real estate properties on behalf of the owner. This involves a variety of responsibilities, including maintaining the physical condition of the property, managing tenant relations, ensuring compliance with relevant laws and regulations, and handling financial aspects such as rent collection and budgeting. Property managers serve as a point of contact for tenants while also implementing the owner's investment strategy, maximizing the value and efficiency of the property.

This definition distinguishes property management from other activities related to real estate, such as the sale of properties, which focuses on transferring ownership, or construction and development, which involves creating new structures. Assessment and valuation for taxation purposes also lies outside the scope of property management, as this is primarily concerned with determining property value for tax assessment rather than managing the property itself. Thus, understanding property management involves recognizing its broad role in maintaining and enhancing the value of real estate investments while serving the owner's interests.