Property Management Software Terms

Term
Definition
Building Class A class that assigns the type of structure of a building

Annual Depreciation

The amount of depreciation for an asset for a completed fiscal year.
Non-Tagged An item in your PMS that doesn’t have a tag assigned to it.
Unrecovered Cost The purchase cost of an asset minus the total amount of accumulated depreciation and use allowance.
Estimated fair market value

The top estimation of what a property would be sold for if presented for sale.

Double Net Lease An agreement whereby the renter pays the rent, utilities, property taxes, special assessments and insurance premiums.
Leasing Agent A person who will work to finalize tenants on property leases.
On-Site Manager A person on location of the property who manages day-to-day activities and interacts with the tenants.

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