What is the primary purpose of property management?

The primary purpose of property management is to oversee and operate real estate on behalf of the owner. This involves a wide range of responsibilities, including managing tenant relations, maintenance, leasing, financial reporting, and ensuring compliance with local laws and regulations. By effectively overseeing these operations, property managers aim to maintain the value of the property while also ensuring that it generates a consistent income for the owner.

While maximizing real estate profits is certainly a significant aspect of property management, it is a goal that arises from the broader responsibility of overseeing and managing the property effectively. Conducting property inspections and marketing the property are essential tasks within the management role, but they are not the primary purpose. Inspections are part of ongoing maintenance and tenant management, while marketing is a component of managing vacant properties. Thus, the overarching goal remains centered on the comprehensive operation and management of real estate for the benefit of the owner.