What is one responsibility of property management firms?

Property management firms are primarily responsible for managing tenant relations, which involves maintaining a positive relationship between the landlord and the tenants. This includes addressing tenant concerns, facilitating communication, ensuring the fulfillment of lease agreements, handling complaints, and organizing maintenance and repairs. By focusing on tenant relations, property managers help to create a stable living environment for tenants, which can lead to higher tenant retention rates and overall satisfaction.

The option regarding setting zoning laws is incorrect because zoning is determined by local government authorities, not property management firms. The task of performing property sales is typically handled by real estate agents rather than property managers, who concentrate on the ongoing management of properties rather than their sales. Lastly, while property managers may be aware of market prices, they do not regulate them; market prices are influenced by supply and demand dynamics within the real estate market.