Property management involves the administration, operation, and oversight of real estate properties. This can include residential, commercial, and industrial properties. The primary responsibilities of a property manager or management company include:

1. Tenant Management: Screening and selecting tenants, handling lease agreements, collecting rent, and addressing tenant complaints and concerns.
2. Maintenance and Repairs: Ensuring that the property is well-maintained and addressing any repairs promptly. This includes routine inspections, coordinating with contractors, and managing emergency repairs.
3. Financial Management: Managing the property’s budget, maintaining financial records, handling payments for property expenses (like utilities, taxes, and insurance), and preparing financial reports for the property owner.
4. Legal Compliance: Ensuring that the property complies with local, state, and federal regulations. This includes understanding landlord-tenant laws, property safety standards, and fair housing laws.
5. Marketing and Leasing: Advertising available rental units, showing properties to prospective tenants, and negotiating lease terms.
6. Strategic Planning: Developing long-term strategies for property improvement, increasing property value, and optimizing rental income.

Effective property management ensures that properties are well-maintained, financially sound, and compliant with regulations, which ultimately protects and enhances the value of the investment for property owners.