The A to Z of Property Management Terms
Arrears: Unpaid debts.
Bond: A security deposit paid at the start of the tenancy to ensure performance of lease terms and conditions. This is normally refundable if the property is returned in a good condition and no money is owed for rent, damages or other costs.
Eviction: A process through legal means in an effort to remove a tenant from a rental property. This may occur when rent has not been paid or when the terms of the rental agreement have been breached.
Investment Property: A property that is not occupied by the owner, usually purchased specifically to generate profit through rental income and/or capital gains.
Landlord: The owner of a property who transfers the right to occupy and use property to another by way of a lease agreement.
Lease: A lease is a contract outlining the terms under which one party agrees to rent property owned by another party for a specific amount of time. Also know as a tenancy agreement.
Lease Break: If a tenant or property manager/owner ends a fixed term agreement before the lease end date without sufficient reason.
Lease Renewal: The renewal of a lease once the term of the lease has expired.
Lease Term: The amount of time that is agreed upon between the landlord and tenant in which the tenant will occupy the property.
Maintenance: The upkeep and care of a property.
Management Agreement: A written contract between the owner and manager of real estate concerning the duties, responsibilities and liabilities of the owner and the manager in the management of the property.
Management Fee: The fee charged by the property manager to the landlord for the service of managing a property or properties.
Notice of Termination: The notice given by either the landlord or tenant giving a notice to leave the premises within a specified time frame, or to demand the same. The notice is typically given during the end of the lease period or due to an infringement of the lease agreement.
Outgoings: A landowner's reasonable expenses associated with the premises such as property rates, insurance, repairs and maintenance and management fees.
Periodic Lease: Where a tenant continues to rent/occupy the property after the lease has formally expired.
Property Manager: An individual or company responsible for the daily operations of a real estate investment.
Rent: A tenant's regular payment to a landlord for the use of property or land.
Rent Roll: A group of rental properties managed by a real estate agent/agency.
Residential Tenancies Tribunal: Specialist bodies existing in most Australian States and Territories to resolve disputes between landlords and residential tenants.
Routine Inspection: Regularly scheduled inspection to ensure that a property has been maintained to a standard set by the property manager.
Tenant: A person or entity paying rent in exchange for the occupancy of a building or dwelling. Also known as 'Lessee'.