Property management is the administration of residential, commercial and/or industrial real estate. Property management typically involves the managing of property owned by another party or entity. The property manager acts on behalf of the owner to preserve the value of the property while generating income. Managed properties include residential and vacation properties, commercial retail space, or industrial warehouse space. Property managers are typically paid a fee and/or a percentage of the rent brought in for the property while under management.

Some real estate brokers also operate as property managers. A broker in a resort town may provide buyer's and seller's agent services, and it may operate as a property manager as well, maintaining a listing of vacation properties in the area.

The property manager is typically responsible for budgeting expenses, securing renters, collecting rent, complying with laws and regulations, and maintaining the property. This includes preventive maintenance, repair or corrective maintenance, routine cleaning and maintenance, and construction, including tenant improvements when handling commercial or industrial space.

Property management services fall into two main categories: tenant issues and upkeep issues.