Book excerpt: Residential property management refers to the supervision and maintenance of residential properties on behalf of property owners. This includes managing rental properties, ensuring that they are well-maintained, handling tenant issues, and maximizing the property's profitability. Residential property management is a profession that requires knowledge of various areas such as property maintenance, tenant relationships, legal regulations, financial management, and marketing. The importance of residential property management cannot be overstated. It plays a crucial role in ensuring that both property owners and tenants have a positive and mutually beneficial experience. For property owners, hiring a professional property manager can alleviate the stress and responsibilities that come with owning rental properties. Property managers take care of all the day-to-day operations, from advertising vacancies and screening tenants to collecting rent and coordinating repairs. This allows owners to focus on other aspects of their lives or invest in additional properties. On the other hand, tenants benefit from having a property manager who is responsible for the upkeep of the property. A good property manager ensures that maintenance issues are addressed promptly, common areas are well-maintained, and that tenant concerns are dealt with in a timely manner. They also provide a point of contact for any emergencies or urgent situations that may arise.