Idaho Property Management: A Comprehensive Glossary
NOTE: This comprehensive glossary covers essential terms and concepts related to enhancing customer service in Idaho property management. Stay tuned for the subsequent sections that delve deeper into specific aspects of this dynamic field!
A-C
Amenities: Desirable features or services offered in a rental property to enhance tenant satisfaction and marketability. Examples include swimming pools, fitness centers, and laundry facilities.
Applicant Screening: The process of evaluating potential tenants to assess their suitability for a rental property. This typically involves reviewing credit history, rental history, and income verification.
Capital Improvement: A significant renovation or upgrade to a property that adds value or extends its useful life. Examples include replacing a roof or installing new energy-efficient appliances.
Certificate of Occupancy (CO): A document issued by local authorities certifying that a property meets all applicable building codes and safety standards and is fit for occupancy.
Cleaning Fee: A one-time fee charged to tenants to cover the cost of cleaning the property at the end of their lease term.
Common Area: A shared space within a multi-unit property that is accessible to all tenants, such as a lobby, courtyard, or parking lot.
Competitive Rental Analysis (CRA): A study conducted to determine the rental rates for similar properties in a given area. This information is used to set competitive rental rates that attract and retain tenants.
Condition Report: A detailed record of the condition of a property at the beginning and end of a tenancy. This report is used to document any damages or changes to the property and to assess the tenant’s responsibility for repairs or cleaning.
Condominium (Condo): A type of housing unit that is part of a larger, multi-unit building. Condo owners typically own their individual units but share common areas with other owners.
Contract/Lease Agreement: A legally binding agreement between a landlord and tenant that outlines the terms of the tenancy, including the rental rate, security deposit, and responsibilities of both parties.Cost-Benefit Analysis: An evaluation of the potential costs and benefits of a property management decision to determine its financial and operational viability.
Co-Signer: An individual who agrees to be legally responsible for a tenant’s obligations under a lease agreement, typically in cases where the tenant has poor credit or limited rental history.
Credit Check: An assessment of a potential tenant’s credit history to evaluate their ability to pay rent on time and in full.
Curb Appeal: The overall attractiveness of a property from the street view. Good curb appeal can enhance the property’s marketability and attract potential tenants.
Damage Deposit: A sum of money paid by the tenant at the beginning of a lease term to cover potential damages to the property during the tenancy.
Days on Market (DOM): The number of days a property remains on the rental market before it is leased. A high DOM can indicate that the property is overpriced or has undesirable features.
Default: The failure of a tenant to fulfill their obligations under a lease agreement, such as paying rent on time or complying with property rules.
Deposit: A sum of money paid by a tenant to secure their reservation of a rental property. This deposit is typically applied to the first month’s rent or security deposit.
Direct Deposit: A method of transferring rental payments directly from a tenant’s bank account to the landlord’s account. This can streamline the rent collection process and reduce the risk of late payments.
Disclosure Statement: A document provided to tenants that outlines their rights and responsibilities under the lease agreement and any applicable laws.
Distress Warrant: A legal document authorizing a landlord to seize a tenant’s personal property to satisfy unpaid rent or other charges.
Early Termination Fee: A fee charged to a tenant who breaks their lease agreement before the end of the lease term.
Eviction: The legal process of removing a tenant from a rental property for non-payment of rent, violation of lease terms, or other legal grounds.
Fair Housing Laws: Federal, state, and local laws that prohibit discrimination in housing based on race, color, religion, national origin, sex, familial status, or disability.
Furnished Unit: A rental property that is equipped with furniture and appliances, allowing tenants to move in without purchasing their own furnishings.
Gross Rent: The total amount of rent paid by a tenant each month, including base rent and any additional charges such as utilities or parking fees.
Guarantor: An individual who agrees to be financially responsible for a tenant’s obligations under a lease agreement, typically in cases where the tenant is a student or has limited credit history.
Holding Deposit: A sum of money paid by a potential tenant to hold a rental property while their application is being processed. This deposit is typically applied to the security deposit or first month’s rent if the application is approved.
Homeowners Association (HOA): An organization that manages and maintains common areas and amenities in a community of homeowners or condo owners.
Inspection: A formal examination of a rental property to assess its condition and identify any necessary repairs or maintenance.