What is the role of property management in real estate?

The role of property management in real estate primarily involves overseeing and managing rental properties on behalf of owners. This encompasses a wide range of responsibilities designed to maintain the property's condition, ensure tenant satisfaction, and maximize the financial return for the property owner.

Property managers are tasked with collecting rent, handling maintenance and repairs, addressing tenant issues, and ensuring compliance with local housing regulations. They act as a liaison between property owners and tenants, managing communication and service requests efficiently. This dedicated oversight allows property owners to focus on their other obligations while ensuring their investment is well-maintained and productive.

In contrast, the other options represent functions that are not central to property management. Selling properties for owners typically falls under the purview of real estate agents or brokers rather than property management firms. Marketing strategies, while important in attracting tenants, are only one aspect of the broader property management role and not its sole responsibility. Assessing property taxes is generally handled by tax assessors or the owners themselves, rather than property managers, whose focus is more on day-to-day operations and tenant relations rather than tax assessments.