The WayImmo Glossary.
The words of property management, associations and short-term rentals, each defined in plain language.
Property management.
View allLeasing fee
A one-time fee a property manager charges for finding a new tenant and signing the lease.
Eviction
The legal process by which an owner recovers a home from a tenant.
Management agreement
The contract between an owner and a property manager: services, fees, length and how to end it.
Rent roll
The list of the units of a property with their tenants, rents and lease dates.
Security deposit
Money a tenant pays at the start of a lease, held against unpaid rent or damage and returned after move-out.
Vacancy rate
The share of the year, or of the units, without a paying tenant.
HOA management.
View allCC&Rs
Covenants, conditions and restrictions: the recorded rules every owner of a community agrees to.
HOA
A homeowners association: the organization that runs a community, with every owner as a member.
HOA dues
The regular payment each owner makes to the association for upkeep, insurance and reserves.
Reserve fund
Money an association sets aside for large repairs to come, such as a roof or a parking lot.
Reserve study
A report that estimates the large repairs to come and what the reserve fund should hold.
Special assessment
A one-time charge to the owners when the budget and the reserves do not cover a cost.
Airbnb management.
View allAverage daily rate
The average revenue of a booked night, also written ADR.
Cleaning fee
A fee charged once per stay, on top of the nightly rate, for cleaning between guests.
Co-host
A person or a company that helps a host run a listing, usually for a share of the revenue.
Occupancy rate
The share of the available nights that are booked.
RevPAR
Revenue per available night: the average daily rate multiplied by the occupancy rate.
Short-term rental permit
The local authorization some cities require before a home is rented for short stays.
Real estate.
View allCap rate
The net operating income of a property divided by its value: a quick measure of its return.
Escrow
A neutral third party that holds money or documents until the conditions of a deal are met.
Fair Housing Act
The federal law that bans discrimination in renting, selling and financing housing.
Net operating income
The income of a property less its operating costs, before the mortgage and income tax. Also written NOI.
Property tax
A yearly local tax on real estate, based on the assessed value of the property.
Title insurance
Insurance against a defect in the ownership of a property that surfaces after the purchase.
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