What is meant by property management?

Property management refers to the operation and oversight of real estate properties for owners. This role encompasses a wide range of responsibilities, including maintaining the property, managing tenant relationships, handling leasing and renewals, collecting rent, ensuring compliance with local regulations, and protecting the owner's investment. Effective property management aims to maximize the value of the property while ensuring it is well-maintained and meets the needs of its occupants.

The other options describe different real estate functions: selling properties relates to real estate brokerage, constructing buildings pertains to the construction industry, and appraising properties involves assessing their market value for various purposes. These functions, while related to real estate, do not capture the comprehensive nature of property management, which is specifically focused on the ongoing care and operation of existing rental properties.