What best defines property management?

Property management is best defined as the operation, control, and oversight of real estate properties on behalf of the owner. This involves a range of responsibilities, including handling tenant relations, maintenance, leasing, rent collection, and ensuring the property is in compliance with applicable laws and regulations. Essentially, property management serves as a mediator between the property owner and the tenants, aiming to maximize the value of the property while ensuring a positive living or working environment for tenants.

The other choices, while related to real estate, do not encompass the full scope of what property management entails. Buying and selling properties focuses more on transaction aspects rather than the ongoing management duties. The assessment of property values for taxation purposes pertains to market valuation rather than operational management. Developing marketing strategies, while important, is just one component of the comprehensive duties involved in managing properties effectively.