Many physicalists are vague about how defining‘physical property’fits in with characterizing physicalism. We determine the proper relation of these tasks. Employing panpsychism as a yardstick, we argue that defining‘physical property’and characterizing physicalism are subject to contradictory conditions of adequacy. We conclude that these tasks should be kept neatly apart. Exploiting this insight, we save physicalists from an apparently disastrous anti‐physicalist argument, we propose and defend a viable definition of‘physical property’, and we argue that the standard characterization of physicalism is flawed. (...) We propose an improved account. (shrink)