Search
40 terms
Identity verification is the process of confirming that a rental applicant is who they claim to be. In multifamily operations, it can include checking a government ID, comparing a selfie or biometric check to the ID, reviewing database records, and resolving discrepancies before approval. It is often part of tenant screening, fraud prevention, and application underwriting.
Learn moreThe implied warranty of habitability is a legal rule that requires rental housing to be safe and fit for people to live in, even when the lease does not spell out that duty. It generally means the owner or operator must maintain essential conditions such as heat, hot water, plumbing, electrical service, structural safety, and freedom from serious health or safety hazards. Exact requirements and…
Learn moreAn in-person tour is a scheduled, on-site visit where a prospect views an apartment community, units, and amenities. It is typically guided by a leasing team member who greets the prospect, may verify identification, and walks them through the property. Unlike virtual or self-guided tours, the prospect and staff member are physically present at the community.
Learn moreIn-person touring is a scheduled visit where a prospective renter meets a leasing team member at the community and is guided through relevant apartments and amenities. It is distinct from self-guided or virtual touring because staff are present to greet the prospect, answer questions, and tailor the walkthrough. Operations teams typically manage in-person tours with defined touring hours, booking…
Learn moreAn incident is an unplanned event or problem at a property that disrupts normal operations, resident use, safety, or property condition. In multifamily operations, incidents can include emergencies, accidents, complaints, damage, security issues, or other events that need documentation, escalation, and resolution. The goal is to respond quickly, contain the issue, record what happened, and…
Learn moreIncident management is the set of systems and processes a multifamily organization uses to document, track, escalate, investigate, and resolve property incidents. Incidents can include accidents, resident complaints, emergencies, property damage, security events, or other events that require coordinated follow-up. A strong process defines who is responsible, what information must be captured,…
Learn moreAn incident status transition is the change of an incident record from one status to another as the issue moves through its workflow. Common statuses can include Open, an optional review step, and Complete, where the record may become read-only and the final incident report is produced. Some systems validate required incident details before allowing the status to move forward.
Learn moreIncome verification is the process of confirming that a rental applicant’s stated income is accurate. In multifamily leasing, teams may verify income with documents, direct bank or payroll connections, or employer confirmation. It is typically part of broader applicant screening used to assess whether a prospect can meet rent obligations.
Learn moreAn inspection is a structured check of a property, building, unit, or item against established standards. In multifamily operations, it is often documented with sections, items, ratings, notes, photos, status, assignees, and follow-up work. Inspections can support routine maintenance, unit turns, resident charge documentation, asset management, or reviews after damage events.
Learn moreAn inspection layout is the structure of an inspection form: the areas, items, condition fields, notes, and photo prompts an inspector follows during a walkthrough. It can be based on unit or property records, copied from a prior inspection, or built from a standardized template. The layout determines how findings are organized for review, reporting, and follow-up work.
Learn moreAn inspection rating is a score assigned during a property or unit inspection to describe the condition of an item, area, or overall property. Rating systems are usually defined in advance so inspectors apply the same standard across units and properties. One documented multifamily inspection model uses a 1–5 scale, where 1 indicates no concerns and 5 indicates severe deferred maintenance…
Learn moreAn inspection report is the written record of a property, building, or unit inspection. In multifamily operations, it typically captures observed conditions, photos, comments, ratings or scores, and follow-up needs so teams can understand current property condition and operational risk. These reports are generally based on visual observation rather than engineering testing.
Learn moreAn inspection schedule is a planned timetable for when property, unit, building, or common-area inspections should occur. It usually defines the inspection type, frequency, date or recurrence rule, locations covered, and who is responsible for completing the work. In multifamily operations, inspection schedules help teams turn recurring compliance, maintenance, and quality-control checks into…
Learn moreAn inspection template is a reusable structure that tells teams what to check, document, and score during a property inspection. In multifamily operations, it standardizes how staff capture unit conditions, common-area issues, photos, notes, repair priorities, and follow-up needs. Templates can be customized to match property requirements, which helps inspections run efficiently and improves data…
Learn moreAn inspection type is a label that classifies an inspection by its purpose, such as preventative, compliance, daily property walk, move-in, or move-out. In multifamily operations, it helps teams distinguish routine property checks from lease-related, compliance, or asset-focused inspections. Inspection type can also be used to organize project setup, filtering, assignment, and follow-up work.
Learn moreAn inspection-based project is a coordinated set of repair, replacement, or follow-up tasks created from inspection findings. Instead of treating each issue as an isolated work order, the team groups related defects into a scope of work with owners, timelines, budgets, and completion checks. These projects can come from unit inspections, property walks, lender reviews, due diligence, or…
Learn moreAn institutional investor is a professional capital source or ownership group that invests in real estate at portfolio scale, such as through large funds, REITs, or pension-backed ownership structures. In multifamily, these investors usually expect an institutional platform: standardized operations, clear reporting, disciplined asset management, and consistent performance across properties. They…
Learn moreIntegration is the connection between software systems so data can move between them automatically instead of being re-entered by staff. In multifamily operations, integrations often connect property management, leasing, CRM, inspections, maintenance, reporting, and knowledge systems. The term can mean anything from a manual file export to real-time two-way data sync, so teams should confirm what…
Learn moreIntelligent routing is the use of automation to send incoming work—such as calls, leasing inquiries, resident requests, or maintenance tickets—to the right person, team, or queue. It can use details like the request type, community, urgency, team availability, skills, workload, proximity, or escalation rules to decide where the work should go. The goal is to reduce manual triage and make sure…
Learn moreIntent recognition is an AI capability that identifies what a person is trying to do from their words, whether they type a message or speak on a call. In multifamily operations, it can classify requests such as maintenance, emergencies, billing questions, or general questions so the next step can be routed correctly. It is often used before actions like asking follow-up questions, creating a work…
Learn moreAn interactive unit availability map is a digital property map that lets prospects see which apartments are available and where they are located within a community. It can also show useful unit details, such as pricing, floor plans, media, and other attributes, before a prospect starts an application.
Learn moreAn interface user is a dedicated service account used by one software system to connect with another, rather than a login for an individual employee. It is used for authentication and authorization, meaning it proves the connection is allowed and controls what data the integration can access. In multifamily operations, the account should have the right property, vendor, and transaction…
Learn moreInternal Rate of Return (IRR) is the annualized return an investment is expected to produce after accounting for the timing and size of cash flows. In plain terms, it helps show whether dollars spent today are likely to create enough future income and value to justify the investment. In multifamily, IRR is often used to compare opportunities with different cash-flow patterns, such as a stabilized…
Learn moreAn Internet Listing Service (ILS) is an online marketplace that aggregates apartment listings so renters can search available homes in one place. For multifamily teams, an ILS is a marketing source used to advertise units with details such as availability, pricing, photos, floor plans, amenities, and community information. ILS listings are often updated through syndication, which sends property…
Learn moreAn Internet Listing Service (ILS) is an online platform that aggregates apartment rental listings so renters can search available homes in one place. For multifamily teams, an ILS is a marketing channel used to advertise available units, share listing details such as pricing and amenities, and generate prospect inquiries.
Learn moreThe Internet of Things (IoT) is a network of physical devices with sensors, software, and internet connectivity that collect and exchange data. In multifamily housing, IoT can include smart thermostats, leak sensors, access controls, lighting, and other smart-apartment or building devices. These devices can help teams monitor property conditions and automate routine tasks, but they also require…
Learn moreInventory management is the process of tracking and controlling maintenance parts, supplies, appliances, tools, and other physical assets across one or more multifamily properties. It helps teams know what is on hand, where it is stored, when to reorder, and how inventory is being used. Common methods include labeled bins, minimum and maximum stock levels, and reorder points tied to actual usage.
Learn moreInvoice backup is the supporting documentation kept with an invoice to explain, verify, or justify the charge. In multifamily operations, it may include items such as the invoice image, related detail fields, prior vendor history, purchase order information, or other records needed for review. Good invoice backup helps teams confirm what was billed, why it was billed, and whether it should be…
Learn moreInvoice coding is the process of assigning accounting details to a vendor invoice before it is approved, posted, and paid. In multifamily operations, that can include the property, legal entity, general ledger (GL) account, cost center, work order, service period, recovery category, and approval owner. Accurate coding helps ensure the invoice lands in the right part of the books and follows the…
Learn moreInvoice detail is the line-level and coding information that explains what an invoice is for and how it should be recorded. It can include fields such as job, job category, job contract, segments, tax or VAT rate, transaction type, property, unit, work order, service category, GL code, quantity, unit price, and line total. Operations teams use invoice detail to connect a vendor bill to the right…
Learn moreAn invoice exception is an invoice that cannot move through the normal approval or payment process because something needs review, correction, or added support. Common triggers include missing documentation, suspected duplicates, unexpected charges, coding issues, delivery failures, or a single file that contains multiple invoices. The exception should be routed to the right owner with a clear…
Learn moreAn invoice header is the top-level set of information that identifies an invoice as a single payable record. It typically includes basics such as the vendor, invoice number, invoice date, due date, total amount, and may also include property, entity, service period, remit-to, tax, credits, or payment-status information. It is different from invoice detail or line items, which break down the…
Learn moreInvoice ingestion is the process of receiving invoice documents and getting them into an accounts payable system or processing queue. It can include collecting invoices from email, portals, mail, or other channels, then converting key invoice details into structured data. In multifamily operations, ingestion happens before invoice coding, review, approval, and payment.
Learn moreInvoice processing is the workflow for receiving vendor invoices, capturing the invoice data, reviewing and coding charges, routing approvals, and getting approved expenses into the accounts payable system for payment and recordkeeping. In multifamily operations, it often includes property allocation, GL coding, purchase order details, tax checks, and exception review when information is missing…
Learn moreAn invoice queue is a worklist that shows invoices received for processing and their key details, such as vendor, status, amount, and due date. Teams use it to filter invoices by status, review exceptions, and move approved invoices toward submission to the accounting or AP system.
Learn moreAn invoice record is the structured entry that represents a vendor bill in the accounts payable workflow. It typically ties the invoice image or source document to key fields such as vendor, invoice number, amount, due date, property, unit, work order, GL code, approval status, payment details, and reconciliation status. In multifamily operations, it serves as the working record teams use to…
Learn moreAn invoice split is the process of separating a file or invoice packet that contains more than one invoice into individual invoice records. In multifamily AP, the term can also refer to splitting invoice amounts across properties, units, owners, service categories, or GL codes when one bill covers multiple areas. The goal is to make each invoice or charge easier to review, code, approve, and post…
Learn moreInvoice status is the label that shows where a vendor invoice is in the payables workflow, such as received, coding required, pending approval, approved, scheduled for payment, paid, or reconciled. It can also flag exceptions such as disputes, holds, rejections, matching issues, or missing coding. In some workflows, a primary status shows the current stage while a secondary status adds context…
Learn moreIR usually means investor reporting in a multifamily operations context. It is the recurring process of organizing property performance information—such as operating statements, revenue, expenses, budgets, and portfolio updates—for owners, investors, lenders, or other stakeholders. IR helps translate day-to-day property activity into a clear view of financial and operational performance.
Learn moreAn issue category is a label that groups a maintenance request by the type of problem, such as plumbing, HVAC, appliance, or pest control. Teams use issue categories to filter work, route requests, apply the right workflow, and report on recurring maintenance patterns. In many systems, a category can contain more specific issue types, such as “Bed bugs” under “Pest Control.”
Learn more