Property management is the operation, control of (usually on behalf of an owner), and oversight of commercial, industrial or residential real estateas used in its most broad terms. Management indicates a need to be cared for, monitored and accountability given for its usable life and condition. This is much akin to the role of management in any business.
Property management is also the management of personal property, equipment, tooling and physical capital assets that are acquired and used to build, repair and maintain end item deliverables. Property management involves the processes, systems and manpower required to manage the life cycleof all acquired property as defined above including acquisition, control, accountability, responsibility, maintenance, utilization and disposition.