Property Management
39 terms in this category
Building Maintenance
Maintenance of building common parts like elevators, generators, and facilities, done regularly, funded by owner fees or management.
Common Areas
Building parts designated for all residents like entrance, elevators, corridors, and gardens, maintained with shared expenses.
Corrective Maintenance
Repairs done after breakdowns or property issues appear, higher cost than preventive, includes emergencies like plumbing and electrical failures.
Crisis Management
Plans for handling emergencies like fires, floods, and tenant loss, essential skill for managers, protecting property and reputation.
Emergency Repair
Immediate repair for issues threatening property or occupants safety, like burst pipe or dangerous electrical fault, requiring response within hours.
Homeowners Association (HOA)
Organization of unit owners in building or compound, managing common facilities and setting rules, collecting periodic maintenance fees.
Inventory Management
Tracking furniture and appliances in furnished properties, ensuring intact return, protecting owner rights from damage or loss.
Janitorial Services
Cleaning services for building and common areas, contracts with specialized companies, essential for maintaining property appeal to tenants.
Maintenance Request
Notification from tenant to owner or manager about breakdown or issue, recorded in system, handled by priority.
Management Agreement
Contract between owner and property manager specifying tasks, authorities, and commission, legal basis of relationship, defining obligations.
Management Fee
Percentage property manager receives for services, typically 5-10% of monthly revenues, varying by property type and size.
Move-In Checklist
Detailed list of property condition at rental start, signed by both parties, protecting from damage disputes at vacancy.
Move-Out Checklist
Property condition inspection list at lease end, compared to move-in checklist, basis for deposit refund decision.
Occupancy Rate
Ratio of leased units to total units, positive indicator targeting 95%+, reflecting property management success and appeal.
Online Listing
Publishing property on electronic platforms like Haraj, Aqar, and Bayut, most important channel for reaching tenants, requiring good photos and accurate descriptions.
Portfolio Management
Managing real estate portfolio to maximize returns and minimize risks, including investment diversification and optimal management of each property.
Preventive Maintenance
Periodic planned maintenance before breakdowns, extending property life and reducing emergency costs, basis of good management.
Property Management
Comprehensive service for managing property on behalf of owner, including rental, maintenance, collection, and tenant relations for monthly commission.
Property Manager
Person managing property or portfolio on owner's behalf, dealing with tenants, maintenance, finances, with contract-defined authorities.
Property Photography
Professional photography of property highlighting features, effective marketing tool, good photos increase engagement by 70% on platforms.
Property Showings
Visits by potential tenants to property before rental decision, usually by scheduled appointments, requiring good property preparation.
Real Estate KPIs
Metrics measuring property management performance, including occupancy, returns, and arrears, used by owner to evaluate performance.
Real Estate Platforms
Websites and apps to display properties for sale and rent, most famous in Saudi Arabia: Haraj, Aqar, Bayut, adopted by most offices for wider reach.
Rent Comparables
Rental prices of similar properties in same area, used for pricing rent, ensuring competitive price attracting tenants.
Rental Application
Form submitted by potential tenant with personal and financial info, basis of tenant screening before contract signing.
Rental Listing
Rental ad containing property details, photos, and price, published on real estate platforms, primary tool for attracting tenants.
Rules and Regulations
Building or compound rules tenants must follow, including noise, parking, and shared facilities, attached to contract.
Security Services
Property security and guarding services including guards and surveillance cameras, increasing property appeal, common in compounds and offices.
Security Systems
Electronic systems to protect property like cameras, alarms, and access control, evolving with smart tech for increased effectiveness.
Service Level Agreement (SLA)
Specific agreement on service quality and speed standards between property manager and tenant, ensuring fast response to maintenance requests.
Smart Home
Property equipped with smart systems controllable remotely, including lighting, AC, and security, raising property value and appeal.
Tenant Onboarding
Procedures for receiving new tenant including contract signing, key delivery, and rule explanation, good experience leaves positive impression.
Tenant Retention
Strategies to keep current tenants through contract renewals, more economical than finding new ones, includes good service and quick maintenance.
Tenant Satisfaction
Tenant's satisfaction with property and services, important management indicator, determines renewal likelihood and positive recommendations.
Tenant Turnover
Tenant change rate over period, higher means more marketing and renewal costs, lower indicates tenant satisfaction.
Utilities
Electricity, water, sewage, and internet services, essential to property, costs varying by usage and area.
Utility Management
Managing electricity, water, internet in property, includes meter readings and bills, may be owner's or tenant's responsibility.
Vacancy Rate
Ratio of vacant units to total units, negative indicator to reduce, lowers revenues and raises costs, target below 5%.
Virtual Tour
3D online tour of property, enabling tenant to inspect from distance, saving time and increasing viewings.
Other Categories
Contracts & Leasing
40 terms
Financial & Accounting
49 terms
Saudi Regulations
35 terms
Legal & Regulatory
39 terms
Property Types
40 terms
Valuation & Investment
35 terms
Tax & Zakat
25 terms
Construction & Development
39 terms
Real Estate Technology
25 terms
Real Estate Marketing
30 terms
Ownership & Rights
35 terms
Disputes & Resolution
25 terms
Real Estate Financing
34 terms
Auctions & Sales
20 terms