Which statement describes property management accurately?

Property management encompasses a broad range of responsibilities aimed at maintaining and enhancing the value of real estate. This involves overseeing the physical management of the property, which includes maintenance, repairs, and ensuring that the property complies with local laws and regulations. Additionally, effective property management facilitates tenant relations, such as lease negotiations and addressing tenant concerns, which ultimately contributes to tenant satisfaction and retention.

Furthermore, property management often includes marketing activities to attract tenants and minimize vacancy rates. This signs the importance of managing various aspects of the property, rather than limiting the scope to just buying, selling, or focusing only on residential properties.

The correct understanding of property management as a comprehensive field ensures that property owners can maximize their investment returns while providing quality living or business spaces for tenants.