Property management encompasses the various aspects of owning and handling both commercial and residential real estate. This includes overseeing daily operations, addressing building repairs and maintenance, creating legal tenancy agreements, managing ongoing financial transactions, and facilitating communication between tenants and landlords. Services in property management also extend to the buying and selling of properties, engaging directly with potential buyers or renters. The specific responsibilities often vary based on the agreement between the property management firm and the property owner. For instance, a landlord might only require assistance with tasks like collecting rent, while in other scenarios, a property manager might handle all aspects of the property's business operations. This is particularly common in cases where the landlord lacks the time, experience, or capacity to manage these responsibilities independently.

Employing a property management company can significantly alleviate the usual stress and time investment associated with managing land and property. Clients of these services range from landlords owning a single property to those with a portfolio of multiple rental properties. The expertise and knowledge that property management companies bring are increasingly sought after by landlords, as they ensure compliance and legality in all dealings. Property management becomes an attractive option in scenarios such as owning a property you wish to rent out or sell but are unfamiliar with the necessary procedures, laws, and regulations. Additionally, if being a landlord is not your primary occupation and you prefer not to engage in the daily management of your rental properties, a property management company can streamline the process, removing complexities and providing peace of mind.