What is meant by "property management" in real estate?

Property management refers to the operation, control, and oversight of real estate properties on behalf of owners. This function encompasses a wide range of responsibilities, including collecting rent, maintaining the property, addressing tenant needs and concerns, and ensuring compliance with local laws and regulations. Property managers serve as a liaison between the property owner and tenants, handling day-to-day operations to maximize the value of the investment property for the owner.

The definition provided aligns perfectly with the fundamental role of a property manager in the real estate industry, which is to take care of the property, ensuring its maintenance and financial returns, while also managing tenant relationships. Effective property management is critical for reducing vacancies, improving tenant satisfaction, and increasing overall property value.