Property management involves the oversight, operation, and administration of real estate properties on behalf of property owners. It encompasses a wide range of tasks and responsibilities to ensure that properties are well-maintained, financially viable, and meet the needs of both property owners and tenants. Here are some key aspects of property management:

1. **Tenant Relations:**
- Finding and screening tenants.
- Handling lease agreements and renewals.
- Addressing tenant inquiries, concerns, and complaints.
- Collecting rent and managing security deposits.

2. **Maintenance and Repairs:**
- Regular maintenance to keep properties in good condition.
- Coordinating repairs and emergencies promptly.
- Conducting inspections to identify and address issues.

3. **Property Marketing:**
- Advertising vacant units to attract potential tenants.
- Conducting property showings and tours for prospective tenants.

4. **Financial Management:**
- Setting and adjusting rental rates.
- Creating budgets for property expenses.
- Managing property-related financial transactions, including rent collection and bill payments.

5. **Legal and Compliance:**
- Ensuring properties comply with local, state, and federal regulations.
- Handling eviction processes in accordance with the law.
- Keeping records of all property-related transactions and communications.

6. **Vendor Management:**
- Hiring and overseeing contractors, rental management company maintenance personnel, and service providers.
- Negotiating contracts for services and repairs.

7. **Lease Enforcement:**
- Enforcing lease terms, including rules and regulations.
- Taking appropriate action if tenants violate lease agreements.

8. **Property Improvement and Upgrades:**
- Identifying opportunities for property enhancement.
- Recommending and implementing improvements to increase property value.

9. **Market Analysis:**
- Monitoring real estate market trends to inform decisions about rental rates and property investments.

10. **Communication with Owners:**
- Providing property owners with regular updates on property performance, occupancy rates, and financial statements.

11. **Vacancy Management:**
- Minimizing vacancies through effective tenant retention strategies.

12. **Technology Integration:**
- Utilizing property management software for efficient record-keeping and communication.

Property management can apply to various types of properties, including residential, commercial, industrial, and retail spaces. Property management companies or individual property managers are often hired to handle these responsibilities on behalf of property owners who may not have the time, expertise, or desire to manage their properties themselves.

Effective property management is essential for ensuring the longevity and profitability of real estate investments while also providing tenants with a comfortable and well-maintained living or working environment.