Renting and property management terms which are unfamiliar can cause frustration and confusion.
We have prepared this glossary to help you to fully appreciate the value of our services and to learn more about renting. Terms included in this list are the common terms you will come across in property management.
- Agent – A registered person or real estate firm whose staff are licensed to act as agents for another in the buying, selling, renting or management of property.
- Bond – An amount of money held in trust that is collected at the beginning of a lease. It is refunded once the tenant vacates the property, providing the property is in the same condition as when first occupied.
- Landlord – The owner of the leased property. Where ownership is joint, the term can be applied to each of the owners.
- Lease – An agreement between the owners of an investment property and the tenant. The tenant pays a regular rent to the landlord in return for rights of occupancy over the term of the lease.
- Long-term lease – While most leases are usually 6 or 12 months, a long-term lease can be five years or more years.
- Property management – Refers to the management of a property on behalf of the owner or owners in accordance with the terms of a property management agreement. While the duties vary slightly, property management usually includes collecting rents and paying recurrent expenses relating to the property. It also includes marketing the property, conducting tenant screening, holding regular inspections, negotiating new leases, attending to repairs and maintenance, and other related services.
- Rent – A payment made weekly, fortnightly or monthly by a tenant to a landlord, in return for the use of premises.
- Rent review – A periodic review of the rent under a lease. This is done to a predetermined formula. Rent may be increased after reviewing changes to the Consumer Price Index or, in ParkTrent’s case, in accordance with a market assessment.
- Residential Tenancies Tribunal – Specialist bodies exist to resolve disputes between landlords and residential tenants in a low-cost manner.
These bodies include:
- Residential Tenancies Tribunal (ACT, SA)
- Residential Tenancies Authority (QLD)
- Residential Tenancies List (VIC)
- Residential Tribunal (NSW)
- Commissioner of Tenancies (NT)
- Residential Tenancy Commissioner (TAS).
Tenancy disputes may be heard by the Small Disputes Division of Local Courts in WA.
Need help finding a new rental? Perhaps you’re thinking about renting out your investment property? We’ve put together a list of resources that will come in handy. Is there another website we should add to the list? Please send us an email with your suggestion.
Buying and selling
Investment Resources and Articles
Australian Property Investor
NSW – Land Tax Act 1956
Landlord and Tenant (Rental Bonds) Act 1977
Landlord and Tenant (Rental Bonds) Regulation 2003
Residential Tenancies Act 2010 No 42
NSW – Anti-Discrimination Act 1977
NSW – Dividing Fences Act 1991
State and Territory Real Estate Institutes
Real Estate Institute of New South Wales
Real Estate Institute of Victoria
Real Estate Institute of the Australian Capital Territory
Real Estate Institute of Queensland
Real Estate Institute of Tasmania
Real Estate Institute of Western Australia
Real Estate Institute of South Australia
Real Estate Institute of Northern Territory