In any industry, understanding its terminology is key. Dive into some of the most common real estate and rental property management terms that all industry pros should know.
Why It’s Crucial to Grasp Property Management Terms
Whether you’re a landlord, property manager, renter, or prospective buyer, understanding basic real estate terms is crucial. This holds especially true if you’re considering becoming a landlord or property manager in Toronto.
Explore Fundamental Real Estate Concepts
Get acquainted with some essential real estate words and definitions. Whether you’re new to the field or want to delve deeper into real estate investing, these terms are a must-know.
- MLS (Multiple Listing Service): A platform where real estate agents and brokers can browse properties in specific areas, facilitating property searches for agents and buyers alike.
- Real Estate Agent: A licensed professional who helps people buy or sell property, ensuring transactions are legal, paperwork is accurate, and finances are documented.
- Investment Property: A property purchased with the goal of generating profit or return on investment, whether through renting out or flipping.
- Long-term and Short-term Rentals: Properties leased out for extended periods (like a year) versus those rented for shorter durations (such as vacation homes or Airbnb stays).
- Property Management Company: A team that handles various aspects of rental property management, from marketing and tenant screening to maintenance and rent collection.
Explore Common Rental Property Terms
Dive deeper into rental property terminology and the types of rental homes you might encounter on the market.
- Condominium: Independently owned residences within a larger complex, where owners share communal areas and amenities.
- Single-family Home Rental: A standalone property built for one family, typically owned by an investor.
- Multi-family Home Rental: A property with multiple rental units, such as apartments, duplexes, or townhomes.
- Commercial Property: Real estate used for business purposes rather than residential living.
Dive into Property Management Jargon
Now that you’re familiar with different property types, let’s explore key property management terms vital for landlords and property managers alike.
- Tenant Screening: The process of investigating a potential renter’s background, credit history, and rental and employment records to find suitable tenants.
- Vacancy Rate: The ratio of vacant rental units to a landlord’s total units.
- Property Maintenance: Activities aimed at keeping rental properties in good condition, from regular inspections and minor repairs to emergency fixes and pest control.
- Eviction: The legal process of removing a tenant from a property due to lease violations, such as nonpayment of rent or property damage.
Why Rental Property Management Matters?
Understand the importance of rental property management for landlords with busy schedules. A reliable property management team can handle everything from marketing and tenant screening to maintenance and rent collection, ensuring a hassle-free experience for property owners.
What’s AVS Hospitality?
At AVS Hospitality we offer tailored property management solutions to suit your needs. From tenant communication to maintenance, we’ve got you covered. Ready to streamline your property ownership experience?
