What is the main function of property management?

The main function of property management is the operation, control, and oversight of real estate property by a third party on behalf of the owner. This encompasses a wide range of responsibilities, including managing tenant relations, handling maintenance and repairs, collecting rents, ensuring compliance with property laws, and safeguarding the owner's investment. Property managers act as intermediaries who efficiently oversee the daily operations of residential, commercial, or industrial properties to maximize returns for the owner while maintaining the property's condition and value.

Other options, while related to real estate, do not capture the primary essence of property management. For example, the sale and marketing of the property focuses more on finding buyers or tenants rather than managing ongoing operations. Purchasing new properties pertains to acquisition rather than management of existing assets. Legal representation in real estate transactions involves working with contracts and regulations but does not relate to the day-to-day management of the property. Thus, the comprehensive role of a property manager fundamentally focuses on the efficient administration of properties under their care.