Property management is the operation, control, maintenance, and oversight of real estate and physical property. This can include residential, commercial, industrial, and land real estate. Management indicates the need for real estate to be cared for and monitored, with accountability for and attention to its useful life and condition. This is much akin to the role of management in any business.
Property management is the administration of personal property, equipment, tooling, and physical capital assets acquired and used to build, repair, and maintain end-item deliverables. Property management involves the processes, systems, and workforce required to manage the life cycle of all acquired property as defined above, including acquisition, control, accountability, responsibility, maintenance, utilization, and disposition.
