Property Management Glossary of Terms Pt. 3
Every industry has its own terminology, the lingo, and it’s easy to forget that those who are outside of the industry may not be as familiar with the property management phrases and acronyms like we are. Below is Part 3 of our property management glossary of terms you should be familiar with for your convenience and education. These are some of the most commonly used terms in property and real estate management.
Real Estate Agent
A person who is normally licensed by the state who represents a broker and assists in negotiating a real estate transaction, usually for a commission or fee.
Expenses that a buyer can expect again, year after year, such as property taxes, insurance, and interest.
A fixed-amount payment made by the tenant to the landlord each month.
Rent to Own
A leasing agreement that gives the tenant an option to purchase the property when the lease is up.
An insurance policy that mainly covers a tenant’s personal belongings and liabilities.
Return on Investment (ROI)
A metric showing the profit an investor makes on their investment property as a percentage of the investment cost.
A payment the tenant makes to the landlord as security in the event that there’s damage to the property.
Any lease that’s shorter than the standard 12-month lease.
Sublease / Subletting
Renting a property by a tenant to a third-party tenant for a segment of the original tenet’s leasing agreement.
The person occupying land, a building, or a specified unit under an agreement with the landlord for a fixed period.
The length of a lease.
A legal document stating a person’s right to a property.
Services including electricity, garbage, gas, sewer, and water.
An empty property, with no people or personal items inside.
The ratio of vacant units in the building.
The official document filed to deem possession of a property during an eviction, allowing a forced eviction by a law enforcement officer.
Tverdov Housing is a Central New Jersey real estate company specializing in property management, brokerage, and construction project management for residential properties in Middlesex, Somerset, and Union County. For more information on property management and property maintenance services in New Jersey, contact our professionals today.