Property Management
39 terms in this category
Building Maintenance
Building maintenance is the periodic and emergency work needed to keep a building’s structure, systems and common facilities sound and safe, such as lifts, pumps, tanks, generators, fire systems, central air-conditioning, roof waterproofing, façades and electrical rooms.
Common Areas
Common areas (common parts) are the parts of a property intended for shared use by all owners or occupants, or whose nature requires joint ownership, such as the land, entrances, corridors, parking, tanks, ducts, services, pools, gardens, courtyards and lifts.
Corrective Maintenance
Corrective maintenance is repair work carried out after a fault or defect appears in a property or one of its systems, to restore it to a usable condition, such as fixing a pipe leak, replacing a failed AC compressor or dealing with a fault in the electrical panel.
Crisis Management
Crisis management in real estate is the advance planning, preparedness, response and recovery for emergencies that threaten a building, its occupants’ safety, its income or its reputation, such as fires, floods and heavy rain, power or water cuts at the height of summer, people trapped in lifts, structural damage, security incidents, pandemics, and economic shocks causing widespread payment default.
Emergency Repair
An emergency repair is an immediate repair of a fault that threatens occupants' safety or will cause escalating damage if delayed, such as a burst water pipe, a short circuit or burning smell, a gas leak, people trapped in a lift, or an AC failure at the height of summer in a household with elderly people or children.
Inventory Management
Inventory management in a property is recording the furniture, appliances and fittings in a furnished unit or building, describing each item’s condition, quantity, photos and sometimes serial numbers, then checking them at the tenant’s move-in and move-out and during periodic inspections, and identifying what is damaged, missing or due for replacement.
Janitorial Services
Janitorial services are the routine cleaning of a property’s common areas, façades, glazing, car parks, public washrooms and lifts, collecting waste from the building and moving it to bins, and seasonal deep cleaning, often supplemented by pest control and tank cleaning through specialist providers.
Maintenance Request
A maintenance request is a report from a tenant to the owner or property manager about a fault or problem in the unit or building; it is logged with a reference number, date and time, classified by priority, assigned to a technician or contractor and tracked until closed.
Management Agreement
A management agreement is the written contract between a property owner and a property management establishment that sets out the scope of services, the manager's powers, the fee and how it is calculated, the term, how it ends and the reports to be provided; it is the reference point for resolving any dispute between the parties.
Management Fee
A management fee is the amount a property management establishment charges the owner for managing their property, usually calculated as a percentage of rent actually collected, or as a fixed monthly or annual amount per unit or for the whole property.
Move-In Checklist
A move-in checklist (unit handover-in report) is a document prepared at the start of a lease that records in detail the condition and contents of the unit — walls, floors, doors, windows, sanitary fittings, AC units, appliances, meter readings and number of keys — with dated photos, signed by landlord and tenant as the reference point at move-out.
Move-Out Checklist
A move-out checklist (unit handover report) is a document prepared when a lease ends and the unit is vacated, recording its condition and contents and comparing them with the move-in checklist to determine whether there is damage beyond normal wear, and therefore whether the security deposit is returned in full or the cost of damage is deducted.
Occupancy Rate
The occupancy rate is the share of leased units (or leased area) in the total lettable units or area of a property or portfolio, calculated as leased units divided by total units times 100; it is the complement of the vacancy rate.
Online Listing
An online listing is the publication of a property offer for sale or rent through a digital channel — an online property platform, a website, an app or a social media account — including photos, description, price, map location and contact details; it is now the main channel through which tenants and buyers in Saudi Arabia search.
Owners Association
An association that must be established among owners of separated units in a shared property once they reach three or more, under the Law of Ownership, Subdivision and Management of Real Estate Units issued by Royal Decree M/85 dated 02/07/1441H.
Portfolio Management
Real estate portfolio management is managing a group of property assets as a single whole to achieve the best possible return for an acceptable level of risk.
Preventive Maintenance
Preventive maintenance is scheduled inspection and servicing of a building's systems and equipment before they fail, such as cleaning air-conditioners and changing filters, checking water tanks and pumps, testing fire alarm and suppression systems and servicing lifts, in order to extend the property's life and reduce the frequency and cost of breakdowns.
Property Management
Property management is the handling of a property's financial and administrative affairs on behalf of its owner or the holder of its usufruct, including leasing units, collecting rent, overseeing maintenance, managing tenant relations and accounting to the owner, in return for an agreed fee.
Property Manager
A property manager is the person or establishment authorised to manage a property or portfolio on the owner's behalf, handling leasing, rent collection, maintenance follow-up, tenant relations and financial reporting within the powers written into the management agreement.
Property Photography
Property photography is the production of still images, and sometimes video and aerial footage, that present a property offered for sale or rent clearly and truthfully for use in real estate advertisements and marketing materials.
Property Showings
A property showing is a visit by a prospective tenant or buyer to a property, usually by appointment arranged with the broker or owner, to inspect the unit in person before deciding to sign.
Real Estate KPIs
Real estate KPIs (key performance indicators) are defined numerical measures used to assess how efficiently a property or portfolio is managed and to compare it with targets and the market.
Real Estate Platforms
Real estate platforms are websites and apps that let users list and search properties for sale or rent and contact advertisers, sometimes with extra services such as maps, price indicators and viewing scheduling.
Rent Comparables
Rent comparables are the rents of properties similar in location, type, size, age and finish, leased in a recent period, used as a benchmark to estimate the fair market rent of a given unit.
Rental Application
A rental application is a form or file submitted by a prospective tenant to the landlord or broker before contracting, containing identity and contact details, employer, approximate income, number of occupants, desired term and proposed payment method, on which the landlord bases the decision to accept and the lease terms.
Rental Listing
A rental listing is a published offer of a property unit available for rent, including its description, location, area, layout, rent, payment terms, photos and contact details, posted on online property platforms, social media or on-site signs.
Rules and Regulations
Rules and regulations in property management are the written controls governing the use of a residential or commercial building or compound, such as quiet hours, use of parking, lifts, pool and gym, waste disposal, pets, moving and fit-out hours, access for visitors and workers, and signage on façades.
Security Services
Security services in a property are the human guarding of a building or compound, including gate guards, patrols, control of visitor and vehicle access, running the monitoring room and responding to incidents, provided by licensed guarding companies or by direct contracts with individually licensed guards.
Security Systems
Security systems in a property are the electronic systems that protect the building and its occupants, including CCTV cameras and recorders, card or biometric access control, video intercoms, intrusion alarms and car-park barriers, as well as fire alarm and smoke detection systems.
Service Level Agreement (SLA)
A service level agreement (SLA) is a document or contract schedule that sets measurable standards for service quality and speed, such as response time to maintenance requests, time to close and service hours, and specifies what happens if they are not met.
Smart Home
A smart home is a residential unit fitted with internet-connected devices that can be controlled remotely or programmed to run automatically, such as smart locks, air-conditioning thermostats, lighting, video doorbells, water-leak and smoke sensors and energy meters, usually managed through an app or central hub as part of the Internet of Things.
Tenant Onboarding
Tenant onboarding is the set of procedures that starts once a rental application is accepted and ends when the tenant has settled into the unit, including registering the lease, paying the first instalment and any agreed deposit, handing over the unit and keys with a condition report and meter readings, transferring utility accounts, and explaining building rules and maintenance-request channels.
Tenant Retention
Tenant retention is the set of policies and practices aimed at keeping existing tenants and renewing their leases rather than replacing them, usually measured by the renewal rate: renewed leases divided by leases that reached expiry during the period.
Tenant Satisfaction
Tenant satisfaction is a measure of how tenants rate their experience of a property and its management, from unit quality and maintenance speed to clear communication and fair treatment; it is usually measured through periodic surveys, surveys after maintenance requests are closed, or indicators such as the Net Promoter Score (NPS).
Tenant Turnover
Tenant turnover is the share of tenants who leave a property during a given period (usually a year) relative to the average number of leased units, calculated as move-outs divided by average leased units times 100.
Utilities
Utilities are the essential services supplied to a property from external networks to make it fit to live or work in, chiefly electricity, water, sewerage, telecommunications and internet, plus gas and waste collection.
Utility Management
Utility management in a property is organising the supply of electricity, water, sewerage and internet, metering consumption, allocating bills and following up payment, including opening and transferring accounts, reading meters, monitoring consumption and leaks, and deciding who pays what: the owner, the tenant or the owners’ association.
Vacancy Rate
The vacancy rate is the share of unleased units in the total lettable units of a property or portfolio over a given period, calculated as vacant units divided by total units times 100, or more precisely on a day basis: total vacant days across all units divided by total available days.
Virtual Tour
A virtual tour is an interactive online presentation of a property, usually built from 360-degree panoramic images or a 3D scan, that lets a tenant or buyer move between rooms and inspect details from a phone or computer without visiting the site.
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Ownership & Rights
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