What is "property management" in real estate?

Property management refers to the operation, control, and oversight of real estate on behalf of the owner. This role involves a variety of responsibilities, including managing the daily operations of a property, ensuring maintenance and repairs are performed, collecting rent, screening tenants, and handling lease agreements. Property managers act as intermediaries between the property owners and tenants, ensuring that both parties meet their obligations.

In essence, property management is about maximizing the value of an investment property while also providing quality services to tenants. This includes maintaining the property in good condition, ensuring compliance with local regulations, and managing finances related to the property. The focus is on efficiently managing the property to generate the best possible return on investment for the owner while keeping tenants satisfied.

Understanding this function is crucial for anyone involved in real estate, as effective property management can greatly influence the profitability and value of real estate investments.