How is "property management" defined in real estate?

Property management in real estate is defined as the process of overseeing and managing properties on behalf of the owner. This encompasses a wide range of responsibilities, including but not limited to tenant relations, maintenance, security, rent collection, and ensuring compliance with property management regulations. The primary goal of property management is to enhance the value and performance of a property while also ensuring a positive living or working environment for tenants.

The role goes beyond simple maintenance—property managers often deal with marketing the property to prospective renters, screening tenants, handling leases, and addressing any issues that arise during occupancy. The comprehensive nature of these duties aligns with the definition of property management as overseeing and managing properties effectively.

The other options pertain to specific functions within real estate but do not encapsulate the full scope of responsibilities associated with property management. For instance, zoning laws govern land use rather than managing properties, appraisals assess property value rather than managing its operations, and negotiating sales contracts relates to the transaction aspect of real estate rather than ongoing management. Therefore, the definition that focuses on overseeing and managing properties aptly captures the essence of property management.