Are you new to the world of lettings and feeling lost in a sea of industry jargon? Fear not! Here are 5 common terms used by property management companies, and what they actually mean:
- Tenant turnover - This refers to the process of when a tenant moves out and a new one moves in. Property management companies often have to deal with tenant turnover on a regular basis.
- Maintenance request - When a tenant needs something fixed in their property, they can submit a maintenance request to the property management company. This could be anything from a leaky tap to a broken window.
- Tenancy agreement - This is the legal contract between a landlord and a tenant, outlining the terms of the rental agreement. Property management companies are responsible for creating and enforcing tenancy agreements
- Rent collection - As the name suggests, this is the process of collecting rent from tenants. Property management companies are responsible for ensuring that rent is paid on time and in full.
- Property inspection - This is a routine check of the property to ensure that everything is in working order and that tenants are following the rules outlined in the tenancy agreement.
Next time you hear one of these phrases, you'll know exactly what it means! For all your property management needs and questions, contact us at Woo Properties.
