What does property management entail?

Property management involves the operation and oversight of real estate properties on behalf of the owner. This role typically includes managing the day-to-day activities associated with running a property, such as collecting rent, handling maintenance requests, interacting with tenants, and ensuring that the property is being maintained to a certain standard. Effective property management is crucial for maximizing the return on investment for property owners, as it encompasses not just the administration but also the strategic aspects of property maintenance and tenant relations.

While property management does not directly involve the transaction processes of buying and selling assets, understanding market conditions or legal processes can be beneficial. However, those activities fall under different professional roles within real estate. Property management is specifically focused on the ongoing management and operational functions necessary to maintain and enhance the value of a property for the owner.