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Package management is the process a multifamily community uses to receive, log, store, notify residents about, and release resident deliveries. It includes carrier drop-off coordination, secure storage, pickup rules, overflow handling, and exception handling for oversized, perishable, or misplaced items. The goal is to make deliveries easy for residents while keeping staff workflows organized and…
Learn moreA payment cycle is the recurring sequence of steps used to move money from a charge or invoice to a cleared, recorded payment. In multifamily operations, it can include resident rent billing, payment collection, cash application, reconciliation, owner disbursements, or vendor invoice processing. A healthy cycle has clear handoffs, timing rules, and follow-up steps so payments are processed…
Learn moreA payment plan is an agreement that lets a resident pay overdue rent or other charges over scheduled installments instead of all at once. In multifamily operations, it is typically managed alongside the resident’s outstanding charges and payment history. Payment plans can support residents who need flexibility while giving teams a clear structure for follow-up and collections.
Learn morePest control is the prevention, monitoring, and treatment of pests such as insects, rodents, birds, bed bugs, termites, and other infestations in apartment communities. In multifamily housing, it often works best as integrated pest management (IPM): a coordinated approach that combines prevention, resident reporting, staff documentation, and targeted treatment. It involves residents, maintenance…
Learn moreA pet policy is a written set of rules for how residents may keep animals in a rental community. It typically covers allowed animal types, size or weight limits, number of pets, deposits, one-time fees, monthly pet rent, and related application or screening steps. It should also address how assistance or service animal requests are handled separately from standard pet rules.
Learn morePet rent is an additional monthly charge paid by a resident who keeps an approved pet in a rental unit. It is separate from base rent and different from a one-time pet fee or refundable pet deposit. The amount and rules should be documented in the lease or pet addendum.
Learn morePet screening is the process of reviewing a resident’s or applicant’s animal against the community’s pet policies and required documentation. It can include a pet background check, confirmation of pet-related information, and separate handling for assistance or service animal documentation. In multifamily operations, it is typically part of the broader application and screening workflow.
Learn moreA phone tree is an automated phone menu that asks callers to choose options, such as pressing a number or speaking a short response, so the call can be routed to the right person, team, or information. In multifamily operations, it is often used to separate leasing, resident, maintenance, vendor, and after-hours calls before they reach staff. It can also be measured through call volume, call…
Learn morePhoto documentation is the practice of capturing and storing photos as part of an operational record, such as an inspection, repair, notice delivery, or unit turnover. In multifamily operations, strong photo documentation is typically timestamped, tied to the correct unit or property, and stored where teams can retrieve it later. It turns a written note into visual evidence of what happened, when…
Learn morePhysical occupancy is the percentage of apartment units that are physically occupied by residents. It is calculated as occupied units ÷ total units × 100. Unlike economic occupancy, it does not show whether rent was collected, whether concessions were given, or whether residents are delinquent.
Learn moreA pipeline is a structured view of the stages a prospect moves through on the way to a signed lease. In multifamily leasing, it commonly tracks steps such as new inquiry, contacted, tour scheduled, application, approval, lease creation, lease signed, and closed. Pipeline reporting helps teams see where prospects are converting, stalling, or dropping off.
Learn moreA PMC is a Property Management Company: an organization that manages multifamily properties on behalf of owners. PMCs may handle day-to-day operations such as leasing, maintenance coordination, resident service, vendor oversight, and reporting. In multifamily, a PMC can be a third-party manager hired by an ownership group or part of an owner-managed structure.
Learn moreA PO number is the unique identifier assigned to a purchase order. In multifamily operations, a purchase order is a formal document that authorizes a vendor to provide supplies, parts, or services and helps define what was approved for purchase. The PO number connects the approval, vendor invoice, and payment record so the expense can be tracked from request through payment.
Learn moreA portfolio is the group of properties an owner or operator manages under a shared business or investment strategy. In multifamily operations, a portfolio view looks across all communities instead of evaluating one property at a time. This helps leaders compare performance, apply consistent standards, and make decisions about staffing, maintenance, leasing, and capital priorities.
Learn morePortfolio management is the coordinated oversight of multiple multifamily properties under one ownership group, management company, or investment strategy. It uses consistent reporting, shared processes, and portfolio-level views to compare performance across communities and guide operating decisions. In multifamily, it connects property-level execution with broader financial and asset-management…
Learn morePortfolio standards are the shared rules, procedures, templates, and performance measures used across a multifamily company’s properties. They define what should be consistent across the portfolio, such as SOPs, team responsibilities, service expectations, and KPIs, while allowing local adjustments for legal, market, or property-specific needs.
Learn morePortfolio-level KPIs are key performance indicators that summarize performance across multiple multifamily properties, not just one community. They combine financial, leasing, resident, collections, maintenance, and operational measures so leaders can see overall portfolio health and compare communities consistently. The most useful KPI sets are focused, balanced, and transparent about how each…
Learn morePost-award is the phase after a contract, RFQ, or funding award has been made and the real work of meeting the award’s requirements begins. In multifamily operations, it often includes confirming property-specific requirements, collecting documentation, coordinating schedules, tracking compliance steps, and keeping records current. For regulated or funded developments, post-award activities can…
Learn morePost-tour prospect engagement is the follow-up process that happens after a prospective renter tours an apartment community. It includes thanking the prospect, asking how the tour went, answering remaining questions, sharing an application link, and continuing timely outreach if they have not responded. In multifamily operations, it depends on accurate tour status updates so each prospect…
Learn morePre-assembled housing is housing built partly or fully in a factory, then transported to the property site and assembled on a foundation. In multifamily, this can mean complete modules, panels, or building components that become permanent apartments once connected on-site. Permanent modular buildings are generally built to the same local building codes as other buildings in that jurisdiction, not…
Learn morePre-leasing is the practice of marketing, screening, and signing leases for apartments before they are ready for move-in. In multifamily, it often applies to new construction, renovations, or occupied units with a future availability date. It is a key part of lease-up planning because leasing activity begins before the property or unit is fully available.
Learn morePre-tour and post-tour are stages in the multifamily leasing process. Pre-tour refers to engaging a prospective renter before they view the community, with the goal of getting them to schedule or complete a tour. Post-tour refers to follow-up after the prospect has toured but before they start an application, with the goal of helping them take the next leasing step.
Learn morePreauthorized payments are recurring payments a resident authorizes in advance, usually so rent or other lease charges are paid automatically on a set schedule. In multifamily operations, they are commonly used for rent AutoPay and may be set to pay the total monthly balance or a specific fixed amount each month. Because balances can change due to monthly charges, deposits, or fees, teams need…
Learn morePredictive analytics is the use of historical and current data, statistical methods, and machine learning to forecast what is likely to happen next. In multifamily operations, it can help estimate future occupancy, renewal likelihood, rent performance, maintenance needs, or risk patterns. It does not replace operator judgment; it gives teams an earlier signal so they can act before issues show up…
Learn morePredictive maintenance is a data-driven maintenance approach that monitors the condition of property systems and equipment to identify signs of failure before a breakdown happens. Instead of waiting for an issue or servicing everything on a fixed calendar, teams use operating signals, inspections, work order history, and other data to decide when service is needed. In multifamily operations, it…
Learn moreA preferred vendor is a service provider or contractor that a property management organization has approved for recurring use. In multifamily operations, preferred vendors are typically kept on a curated list so teams can assign maintenance, cleaning, or specialized work consistently. The designation often reflects prior vetting, reliability, service fit, and operational requirements such as…
Learn moreA preliminary expense type is an expense type that may be used as the default location for an invoice submitted to Yardi without an Expense Type. The Yardi API can automatically set the invoice’s Expense Type to Preliminary, but only if that expense type has been set up. Users can check this expense type as an initial troubleshooting step when trying to locate the invoice or invoice register.
Learn moreA preventative inspection is a scheduled check of a unit, building system, common area, or amenity to find issues before they become repair requests or larger failures. In multifamily operations, these inspections usually follow a repeatable checklist, document findings with notes or photos, and create follow-up work when something does not pass. They are part of a broader preventative…
Learn morePreventative maintenance is scheduled, proactive upkeep done before equipment fails or property conditions deteriorate. In multifamily operations, it can include inspections, work orders, asset checks, and recurring tasks for apartment units, common areas, and building systems. Unlike reactive repairs, it is planned around time intervals, seasons, asset needs, or known risk areas.
Learn morePreventive maintenance is scheduled upkeep done before equipment or building systems fail. In multifamily operations, it can include planned inspections and service for apartment units, HVAC systems, plumbing, roofs, safety equipment, common areas, and exterior assets. It is different from reactive maintenance because the work is triggered by a planned schedule, usage threshold, or seasonal…
Learn morePricing and availability is the leasing information that tells prospects what homes are available, when they can move in, and what rent or offer applies. In multifamily operations, this information usually comes from core systems such as the property management system and may be shared to websites, listing services, CRMs, and leasing teams. Keeping it current helps ensure renters, marketers, and…
Learn moreA pro forma is a financial projection for a real estate investment that estimates expected revenue, expenses, and returns. In multifamily, it is commonly used during acquisition underwriting and may model income, operating costs, vacancy, concessions, bad debt, capital needs, and cash flow over a holding period.
Learn moreProactive maintenance is planned maintenance work done before equipment fails or property conditions deteriorate. In multifamily operations, it usually includes scheduled inspections, recurring service tasks, and early repairs for building systems, units, and common areas. It differs from reactive maintenance because teams use calendars, asset records, and inspection findings to prevent avoidable…
Learn moreA processing queue is a structured waiting line for work that has been received but not yet completed. In multifamily operations, it can hold items such as applications, work orders, resident messages, or status updates until the right person, system, or workflow is ready to handle them. Queues help teams process work in order, apply priorities, and avoid losing tasks during busy periods or…
Learn moreProcurement is the process of sourcing, selecting, purchasing, and managing the goods and services a property needs. In multifamily operations, that can include maintenance supplies, appliances, repair materials, and vendor services such as plumbing, landscaping, or unit-turn work. A procurement process often includes standards for who can buy, when approvals are required, and how spending is…
Learn moreA promise to pay is a delinquency-related item in the EliseAI source materials. The available evidence specifically states that all promises to pay can be viewed in the Delinquency Report; the cached sources do not provide a more detailed product definition.
Learn moreProperty access is the set of permissions and workflows that determines who can enter a building, unit, amenity, or other controlled space—and when. In multifamily operations, it can also refer to which properties a staff user can view or manage inside operational systems. Access should be granted, changed, and revoked as residents, employees, vendors, and assignments change.
Learn moreProperty amenities are features or services offered beyond the basic apartment space that add comfort, convenience, or value for residents. They can include community spaces like pools, fitness centers, lounges, laundry rooms, and dog parks, as well as in-unit features like balconies, updated appliances, or in-unit laundry. In multifamily operations, amenities should be clearly documented so…
Learn moreA property bank account is a dedicated bank account used to hold money tied to a specific rental property, such as rent receipts, operating funds, or owner-provided working capital. It helps keep property funds separate from a management company’s own operating money and may sit alongside separate accounts for items like security deposits. In multifamily operations, it is a key part of…
Learn moreA Property Condition Assessment (PCA) is a comprehensive review of a multifamily property's physical condition at a specific point in time. It looks at major systems and components, estimates useful life, and identifies current or future physical needs such as deferred maintenance or capital replacements. A PCA is often used for capital planning, risk assessment, financing, acquisitions, or major…
Learn moreA property inspection is a structured review of a multifamily property’s physical condition against defined standards or checklist items. It may cover units, common areas, buildings, or specific turn-related steps, and it is typically documented with status, assignees, findings, notes, photos, and follow-up work. In operations, inspections are used to identify deficiencies, track completion, and…
Learn moreProperty lifecycle is the full progression of a multifamily asset from planning and development through leasing, ongoing operations, and later repositioning or disposition. For operations teams, it connects everyday work—such as marketing, applications, move-ins, maintenance, renewals, and move-outs—to the property’s current stage. A stable property may prioritize service consistency and…
Learn moreProperty management is the day-to-day operation, oversight, and administration of rental real estate, including multifamily communities. In multifamily operations, it typically covers leasing, resident relations, rent collection, maintenance coordination, accounting, compliance, and performance reporting. It focuses on keeping the property running well for residents while supporting the owner’s…
Learn moreA property management company is an organization that oversees rental real estate operations for an owner or portfolio. In multifamily, this typically includes leasing, resident communication, rent collection, maintenance coordination, financial reporting, and compliance. A company may manage properties for outside owners as a third-party or fee manager, or operate communities it owns as part of…
Learn moreA property management firm is a company that operates and oversees real estate for an owner, often handling day-to-day work such as leasing, rent collection, maintenance coordination, and financial reporting. In multifamily, the firm may manage apartment communities at scale, including resident services, common-area upkeep, compliance, and owner reporting. When the firm manages properties it does…
Learn moreA property manager is the person responsible for the day-to-day operation and performance of a residential property or group of properties. In multifamily, the role commonly oversees leasing, rent collection, maintenance coordination, resident issues, records, expenses, and lease compliance. The role may be on site at one community or supervisory across multiple communities, depending on the…
Learn moreProperty operations are the day-to-day activities and workflows needed to run a multifamily property. They include maintenance, leasing support, resident services, inspections, compliance tasks, rent-related processes, and operational reporting. In practice, property operations are how teams execute the property management plan on the ground.
Learn moreA property portfolio is a collection of properties owned or managed by one organization. In multifamily operations, it is often reviewed as a group so leaders can compare performance, manage risk, organize teams by region or manager, and make decisions beyond a single community.
Learn moreProperty sharing is a setting or workflow for inspection templates that makes a template available across multiple properties or communities. In multifamily operations, it helps teams use the same inspection standard without rebuilding the template separately at each site.
Learn moreProperty valuation is the process of estimating what a multifamily property is worth based on its income, expenses, physical asset, and market conditions. In income-producing apartments, valuation often centers on net operating income (NOI) and the capitalization rate, along with market analysis of occupancy, rents, expenses, and demand. The result helps owners, operators, lenders, and asset…
Learn moreA property-level workflow review is a structured look at how work actually moves through one apartment community or property. It checks the steps, owners, handoffs, documentation, and exceptions for recurring tasks such as maintenance, inspections, leasing support, or resident service requests. The goal is to see whether the local process matches the intended standard and where it needs…
Learn moreA property/entity code is a search field used in invoice workflows to find invoice records by the Property/Entity Code value, alongside other searchable details such as Vendor Name and Invoice Number. In a multifamily context, “property” refers to multifamily residential real estate.
Learn moreProptech, short for property technology, is technology used to support how real estate is bought, rented, operated, and managed. In multifamily operations, it can include tools for leasing, rent collection, maintenance, resident communication, reporting, and portfolio decision-making. The purpose is to make property operations more efficient, consistent, and data-informed.
Learn moreA prospect is a potential renter who is considering an apartment community and has shown some level of interest, such as by browsing, contacting the property, requesting information, or scheduling a tour. In the leasing funnel, a prospect may become a lead once they provide contact information, then may move to tour, application, lease, and resident stages. Operations teams use prospect activity…
Learn moreProspect management is the process of capturing, tracking, communicating with, and advancing potential renters from first inquiry through tour, application, and lease decision. In multifamily operations, it typically includes lead records, follow-up tasks, tour scheduling, application status, and reporting on where each prospect sits in the leasing pipeline. It helps teams keep prospect…
Learn moreProspect-to-tenant conversion is the process and rate at which people who inquire about an apartment become residents with signed leases. It follows the leasing path from first inquiry through tour, application, approval, lease signing, and move-in. Teams may measure the overall conversion rate and the drop-off between each stage.
Learn moreA prospective resident is a person who is considering renting an apartment home in a community. In day-to-day multifamily operations, the term often refers to someone who has inquired, toured, or applied but has not yet signed a lease. Prospective residents may also be called prospects during leasing and follow-up workflows.
Learn moreA protected class is a group of people legally protected from housing discrimination because of characteristics such as race, color, religion, sex, national origin, familial status, or disability. Federal fair housing law sets these baseline categories, and state or local rules may add others, such as source of income, age, military status, marital status, sexual orientation, or gender identity.…
Learn moreA Public Housing Authority (PHA) is a local or governmental housing agency authorized to administer public housing programs and, in many cases, Housing Choice Voucher assistance. PHAs operate within HUD rules and are responsible for managing eligible housing assistance for low-income residents.
Learn moreA punch list is a documented list of unfinished, incorrect, or damaged items found during an inspection that must be corrected before work is considered complete. In multifamily operations, punch list items often come up during unit turns, renovations, move-out inspections, or final walks. Teams use the list to assign follow-up work, capture proof such as photos, and confirm each item is closed…
Learn moreA purchase order (PO) is a formal document that authorizes buying supplies, parts, or services before the purchase is made. It typically records what is being bought, the quantity, agreed price, vendor, and approval details. In multifamily operations, POs help connect day-to-day maintenance needs with budget controls and payment processes.
Learn morePurpose-Built Student Accommodation (PBSA) is housing designed, built, and operated specifically for university students. It typically combines student bedrooms or studios with shared amenities, resident services, maintenance, and professional management. Unlike general multifamily housing or converted rentals, PBSA operations are shaped around academic-year leasing cycles and student-specific…
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