Learn the lingo when it comes to property management right here!
The term "amenities" refers to the features or services that enhance the desirability of a property for its occupants or tenants. Amenities can be tangible or intangible and can vary depending on the type of property and the intended audience. Property managers are responsible for identifying, maintaining, and promoting amenities to attract and retain tenants, as well as to increase property values.
In property management, an assessment refers to a financial charge or fee levied on homeowners in a community, typically on a monthly or yearly basis.
A declaration of covenants is a legal document that outlines the various covenants, conditions, and restrictions (CC&Rs) for a property.
In property management, dues refer to the regular payments made by property owners or tenants for the maintenance and upkeep of common areas and amenities within a community or complex. These dues are usually collected by the property management company or homeowner's association (HOA) and are used to cover expenses such as landscaping, pool maintenance, trash removal, and other communal services.
In property management, a fine is a monetary penalty imposed on a tenant or property owner for violating the rules and regulations outlined in the lease agreement, community guidelines, or local laws. Fines are meant to deter bad behavior and promote compliance with the established standards for maintaining a safe, healthy, and harmonious living environment for all residents.
HOA stands for Homeowners Association. It is an organization that manages and governs a community of residential properties, such as townhouses, condominiums, or single-family homes. The purpose of an HOA is to maintain and improve the community's appearance, value, and quality of life for the residents.
High-rise condominiums are residential buildings that typically have 10 or more stories and offer individual units for purchase or rent. These properties are designed to provide luxurious living spaces with high-end amenities and breathtaking views. High-rise condominiums are often located in urban areas and offer convenient access to shopping, dining, and entertainment.
A lease is a legal contract between a property owner and a tenant that grants the tenant the right to occupy a property for a specific period of time. It is one of the most important documents in property management as it sets out the terms and conditions of the tenant's occupation of the property.
In property management, a lien is a legal claim or right that a creditor has over a property or asset as security for a debt or obligation owed by the property owner. Liens can be placed on a property by a variety of parties, including contractors, lenders, and government agencies.
Maintenance is an essential aspect of property management that involves the upkeep, repair, and improvement of a property. Maintenance can encompass a wide range of activities, from routine cleaning and landscaping to major repairs and renovations. The primary goal of maintenance is to ensure that a property is safe, functional, and appealing to tenants or occupants.
Property management is a profession that involves the administration, operation, and oversight of real estate properties on behalf of property owners. The property manager acts as a liaison between the owner and the tenants, ensuring that the property is well-maintained, financially stable, and profitable.
In property management, a proxy refers to a person who is authorized to act on behalf of another person, typically a property owner or landlord. The proxy has the legal authority to make decisions and take actions on behalf of the owner, such as attending meetings, signing documents, or making decisions related to the property.
A rental agreement is a legal contract between a property owner and a tenant that outlines the terms and conditions of renting a property. These agreements are a crucial part of property management, as they establish the expectations and responsibilities of both the landlord and tenant during the rental period.
Traditional budgeting is a financial management technique where the previous year's budget is used as the starting point for creating the upcoming year's budget. This approach involves adjusting the previous year's budget for inflation, revenue changes, and expected expenses. In property management, traditional budgeting involves taking the previous year's budget and making changes to reflect any anticipated changes in the property or expenses.
Zero-based budgeting (ZBB) is a financial management technique where every expense must be justified and evaluated from scratch, without using the previous year's budget as a reference point. This means that instead of simply adjusting the previous year's budget up or down based on certain assumptions, every line item of the budget must be justified on its own merits.