property management "property management" means the management and control of any land, building and any interest therein, excluding the management of property-based businesses, on behalf of the owner for a fee and includes but is not limited to the following responsibilities: [Ins. Act A980] (a) monitoring outgoings for the property and making payments out of the income from the property; (b) preparing budgets and maintaining the financial records for the property; (c) enforcing the terms of leases and other agreements pertaining to the property; (d) advising on sale, purchase and lettings decisions; (e) advising on insurance matters; (f)advising on the opportunities for the realisation of development or investment potential of the property; and (g) advising on the necessity for upgrading the property or for the merging of interests; ACT 242 - VALUERS, APPRAISERS AND ESTATE AGENTS ACT 1981 2. Interpretation.