What does "property management" refer to?

"Property management" refers specifically to the operation and oversight of residential or commercial properties on behalf of the owner. This encompasses a variety of responsibilities including maintaining the physical condition of the properties, collecting rent, managing tenant relations, and ensuring compliance with local laws and regulations. The essence of property management lies in maximizing the value of the property while providing quality living or working conditions for tenants.

The other options, while relevant to aspects of real estate, do not define property management itself. The buying and selling of properties for investment involve real estate brokerage activities, which is different from managing properties. Marketing properties relates to promoting them to attract buyers or tenants, a function that occurs before or during property management but is distinct from the ongoing management tasks. Evaluating the condition of a property for renovations is part of property maintenance, which may be a function within property management, but it does not capture the full scope of what property management entails.