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"Property management is the operation, control, and oversight of real estate as used in its most broad terms. Management indicates a need to be" cared for, monitored and accountability given for its useful life and condition. 

Community Association Management... The management and administration of common interest communities or developments (also called CIDs), which are generally town-homes, condominiums, homeowner associations or cooperatives. 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 deliverable's. Property management involves the processes, systems and manpower required to manage the life cycle of all acquired property as defined above including acquisition, control, accountability, responsibility, maintenance, utilization and disposition".

By Wikipedia Encyclopedia 

What you don't know 

about Property Management Company's

Association Management Companies and Community Association Managers have a fiduciary duty to both the association and the Board of Directors, but fall short of the responsibilities to the homeowners of the association. Their main purpose is to assist the Board of Directors in the everyday administrative, managing records and managerial duties or activities. The majority of Property Management Company's see the communities as a big "Cash Cow" . They will not inform or try to correct the Board of Directors when they become out-of-line with their fellow homeowners i.e. non-respectful, unreasonable approvals and notifications or when they are in noncompliance with their state HOA governing regulations. They're afraid of loosing the account more then helping, they are mostly administrators and puppets of the Board.