What is property management?

Property management refers to the operation, control, and oversight of real estate properties. This encompasses a wide range of responsibilities, including maintaining the property, managing tenant relationships, collecting rent, ensuring compliance with local laws and regulations, and addressing any issues that arise within the property. Effective property management is crucial for property owners, as it helps to maintain the value of the property, enhance tenant satisfaction, and optimize financial performance.

The other options focus on narrower aspects that don't encompass the full scope of property management. While enforcing contracts and marketing properties can be part of a property manager's duties, they do not define what property management is in its entirety. A strategy for maximizing rental income might be an objective within property management, but it is not the definition itself. Therefore, option B is the most comprehensive and accurate description of property management as a whole.