What is the primary purpose of property management in real estate?

The primary purpose of property management in real estate is to maintain and oversee rental properties for owners. This encompasses a wide range of responsibilities, including managing tenants, collecting rent, handling property maintenance and repairs, and ensuring compliance with local regulations and laws. Effective property management ensures that properties are well-maintained, which can lead to higher tenant satisfaction and retention rates. It allows owners to maximize their investment by ensuring a steady stream of rental income while relieving them of the day-to-day responsibilities associated with managing tenants and maintaining the property.

Conducting property sales, assisting in legal transactions, and evaluating property values are also important functions within the real estate industry, but they are not the primary focus of property management. These activities often fall under the roles of real estate agents, attorneys, or appraisers, rather than property managers, whose duty is specifically to oversee the operational aspects of rental properties.