Property management is the operation, control, maintenance, and oversight of real estate and physical property. This can include residential, commercial, 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.

Under the PMSO, property management services (PMSs) are to be prescribed under seven specified categories as follows:

1. General management services relating to a property;
2. Management of the environment of a property;
3. Repair, maintenance and improvement of a property;
4. Finance and asset management relating to a property;
5. Facility management relating to a property;
6. Human resources management relating to personnel involved in the management of a property; and
7. Legal services relating to the management of a property.

In India, there is no Statutory Regulation of Property Management Companies, real estate agents or developers. In 2013, a Real Estate Regulation and Development Bill was passed by the Union Cabinet, but has yet to take effect. The bill seeks to set up 3 regulatory bodies in the country. The Real Estate Regulation and Development Bill was passed by the Union Cabinet in early 2016 and this is expected to bring about a sea change in the management of real estate in India.