What is "property management" in real estate?

Property management in real estate refers to the operation, control, and oversight of properties. This encompasses a wide range of responsibilities that aim to ensure the property is maintained, tenants are managed effectively, financial aspects are handled properly, and the overall value of the property is maximized.

Property managers are typically involved in tasks such as marketing rental spaces, screening and selecting tenants, collecting rent, maintaining the property, coordinating repairs, and ensuring compliance with landlord-tenant laws. This role is crucial for both residential and commercial properties, as it helps owners achieve their investment goals while providing a safe and enjoyable living or working environment for tenants.

The other concepts, such as selling properties, assessing property values, or handling legal disputes, fall outside the specific scope of property management. Selling properties pertains to real estate brokerage, assessing values aligns with appraising, and legal disputes involve additional legal processes rather than the day-to-day management of properties. These activities may intersect with property management, but they are not synonymous with it.