What is a primary duty of a property management firm?

A primary duty of a property management firm is to maintain and manage the property on behalf of the owner. This involves a variety of responsibilities, including overseeing the daily operations of residential, commercial, or industrial properties, which can encompass everything from collecting rent and managing tenant relations to coordinating maintenance and repairs.

Effective property management is crucial for maximizing the value of a property and ensuring it is well-maintained. This duty requires a deep understanding of property laws, maintenance issues, and tenant management, which distinguishes property management from other real estate functions such as conducting transactions or appraisals.