Editing Property management (section)

{{Short description|Management of real estate and physical property}}
{{More citations needed|date=December 2024}}
{{Business administration}}
'''Property management''' is the operation, control, maintenance, and oversight of [[real estate]] and physical property. This can include residential, commercial, and land real estate. Management indicates the need for real estate to be cared for and monitored, with accountability for and attention to its useful life and condition. This is much akin to the role of [[management]] in any [[business]].

Property management is the administration of personal property, equipment, tooling, and physical capital assets acquired and used to build, repair, and maintain end-item deliverables. Property management involves the processes, [[Property management system|systems]], and workforce required to manage the [[Property Cycle|life cycle]] of all acquired property as defined above, including acquisition, control, accountability, responsibility, maintenance, utilization, and disposition.

An owner of a single-family home, condominium, or multi-family building may engage the services of a professional property management company. The company will then advertise the rental property, handle tenant inquiries, screen applicants, select suitable candidates, draw up a lease agreement, conduct a move-in inspection, move the tenant(s) into the property and collect rental income. The company will then coordinate any maintenance issues, supply the owner(s) with financial statements and any relevant information regarding the property, etc.