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Task automation is the use of software to handle repeatable, rule-based work with less manual effort. In multifamily operations, it can trigger next steps, route requests, assign work, send reminders, update statuses, and track completion across leasing, resident services, maintenance, and renewals. It is different from simple task tracking because the system can prompt or perform parts of the…
Learn moreTax amount is the dollar value of tax recorded on a charge, invoice, or property expense. In multifamily operations, it may be the tax added to vendor invoice line items, or the real estate and personal property taxes reported as part of operating expenses. It should reconcile clearly between net amounts before tax and gross totals after tax.
Learn moreA tech stack is the collection of software, systems, and digital tools an organization uses to run its operations. In multifamily, it typically includes tools for leasing, accounting, maintenance, resident communication, reporting, and other property workflows. The stack is most useful when the tools work together and share reliable data instead of creating separate information silos.
Learn moreA technician is a maintenance team member who performs repairs, upkeep, and service work across apartment units, common areas, and building systems. In multifamily operations, technicians commonly handle work orders involving plumbing, electrical, HVAC, appliances, carpentry, landscaping, and make-ready tasks. They may also document completed work, respond to resident requests, support preventive…
Learn moreTechnician assignment is the process of matching a maintenance task or work order to the technician best suited to complete it. In multifamily operations, assignment decisions often consider skills, availability, work schedule, building coverage, urgency, and whether the job is tied to a specific property, unit, asset, or recurring project.
Learn moreA technician shift is a scheduled block of work time assigned to one or more maintenance technicians, including start and end times and a repeat pattern. In multifamily maintenance, shifts show when each technician is available for work orders, on-call coverage, and automated assignment. Shifts can also be tied to specific buildings or sub-buildings so work is routed to the right available staff.
Learn moreA tenant is a person or household that has the right to occupy a rental home, usually under a lease or other rental agreement. In multifamily operations, the term often overlaps with resident, especially after an applicant signs a lease and moves in. The tenant relationship includes obligations such as paying rent and following lease terms, along with rights related to occupying the home.
Learn moreTenant screening is the process of evaluating a rental applicant before lease approval. It typically reviews identity, income, credit, criminal, eviction, and rental history against documented screening criteria. The outcome is usually an approval, conditional approval, or denial, with required notices when adverse action applies.
Learn moreThird-party management is when an external property management company operates multifamily properties on behalf of the owner, usually for a management fee. The manager handles day-to-day operations such as leasing, resident service, maintenance coordination, reporting, and financial performance support, while the owner retains ownership of the asset. It differs from an owner-operator model,…
Learn moreA third-party manager is a property management company that operates apartment communities for owners that are separate from the management firm. The owner and manager typically set the scope of services, fees, and decision authority in a property management agreement. This is different from an owner-operator model, where the property owner manages its own assets directly.
Learn moreThird-party property management is when a property owner hires an outside management company to operate a multifamily property or portfolio for a fee, instead of managing it directly. The manager typically oversees daily work such as leasing, maintenance coordination, rent collection, compliance, financial reporting, and owner reporting. In multifamily, this is often called fee management because…
Learn moreA tour is an in-person or virtual visit where a prospective renter views an apartment unit or community. In multifamily leasing, tours may be staff-led, virtual, or self-guided, depending on the property’s operating model and access process. Tours are a key step between initial interest and application.
Learn moreTour scheduling is the process of letting prospects request or book a time to see an apartment community, including in-person, self-guided, or virtual tours. In multifamily operations, it usually connects calendar availability, tour type, staffing, appointment hours, and capacity rules so available times are accurate. Strong tour scheduling reduces back-and-forth coordination and helps teams…
Learn moreA tour self-scheduler is a digital tool that lets a prospective resident book a property tour from available time slots without waiting for staff to coordinate the appointment. In multifamily operations, it may support tour types such as in-person, self-guided, or live virtual tours. Available times are typically controlled by settings such as appointment hours, tour type, calendar availability,…
Learn moreTour-to-application rate is the percentage of completed property tours that turn into submitted rental applications. It is usually calculated as applications ÷ completed tours × 100. Because it focuses on prospects who already toured, it helps separate the effectiveness of the showing experience from broader lead-generation performance.
Learn moreTour-to-lease conversion is the percentage of prospects who sign a lease after completing an in-person, virtual, or self-guided tour. It focuses on the post-tour part of the leasing funnel, rather than the full path from first inquiry to lease. A common way to calculate it is: signed leases from toured prospects ÷ completed tours × 100.
Learn moreTouring is the process of helping a prospective renter view an apartment community or unit before they apply. In multifamily operations, touring can include agent-led visits, self-guided visits, scheduling rules, access steps, capacity limits, and follow-up after the visit. Touring is typically managed around set community or agent hours rather than vague “by appointment only” availability.
Learn moreA touring experience is the full process a prospective resident goes through when exploring an apartment community, from finding accurate information online to scheduling, touring, asking questions, and deciding whether to apply. It can include in-person tours, live-video tours, virtual tours, self-guided tours, and digital tools such as photos, floor plans, pricing, and availability. A strong…
Learn moreA trade-out is the change in rent between an expiring lease and the new lease for the same apartment unit. It is usually shown as a dollar amount or percentage and can be positive, flat, or negative. In multifamily operations, trade-out is most often reviewed when a resident moves out and a new resident signs a lease.
Learn moreTraining data is the information used to teach an AI model or workflow how to recognize patterns and produce useful outputs. In multifamily operations, it may include leasing records, maintenance history, resident communications, financial data, workflow statuses, documents, and approved business rules. Good training data is accurate, consistently defined, permissioned appropriately, and tied to…
Learn moreTran Type is short for transaction type: a field or code that identifies what kind of transaction a record represents. In multifamily accounting, it helps distinguish activity such as charges, payments, refunds, transfers, write-offs, or rent-related entries. Because it appears at the transaction-detail level, it can affect how records are reported, reviewed, and transferred to the general ledger.
Learn moreTriage is the process of reviewing incoming maintenance requests, categorizing them by urgency and type, and deciding what should happen next. In multifamily operations, it helps separate emergencies from routine work and route each request to the right technician, vendor, or self-service path. Good triage uses consistent criteria so teams make the same priority decisions across properties.
Learn moreTriage and dispatch is the maintenance workflow for reviewing incoming requests, deciding how urgent they are, and routing them to the right technician or vendor. It separates emergencies from routine, preventive, and turn-related work so each request gets the right service level. Dispatch is the handoff that sends the assignment, details, priority, and next steps to the person responsible for…
Learn moreTurn costs are the expenses required to prepare a vacated apartment home for the next resident. They commonly include cleaning, painting, repairs, flooring, appliance work, and other make-ready tasks needed to return the unit to leasable condition. In some operating views, the broader turnover cost also includes vacancy loss, marketing, and utilities tied to the unit transition.
Learn moreTurn time is the number of days it takes to move a vacated apartment through the make-ready process so it is available for a new resident. It typically includes tasks such as inspection, repairs, painting, cleaning, and final sign-off. Some teams measure a broader version from move-out to move-in, so it is important to define whether the metric includes only make-ready work or all vacancy days.
Learn moreTurnover cost is the total cost of a resident moving out and preparing the apartment for the next resident. It can include lost rent, marketing, applicant screening, cleaning, repairs, make-ready work, and planned upgrades. Operations teams use it to understand the financial impact of each move-out, not just the visible maintenance bill.
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