What is the primary purpose of property management?

The primary purpose of property management is to oversee and manage real estate on behalf of the owner. This role encompasses a wide variety of responsibilities, including collecting rent, handling maintenance and repairs, ensuring compliance with local laws and regulations, and managing tenant relations. Property managers act as intermediaries between property owners and tenants, ensuring that the property is well-maintained and that the owner's investment is optimized. This approach helps owners to maximize their property’s profitability while minimizing their involvement in day-to-day operations.

In contrast, selling properties for a profit focuses more on real estate brokerage rather than property management, which is centered around rental properties. Renovating and maintaining historical buildings might be a specific project within property management but does not define its primary purpose. Providing financial advice can be part of the broader role of a property manager, but it is not the core function, as property management is primarily about the operational oversight of real estate assets.