Property Management

& Rent

  • Body Corporate

 

An administrative body made up of all the owners

within a group of units or apartments of a strata building

complex.  The owners elect a committee, which handles

administration and upkeep of the building and common areas.

Also known as owners' corporation.

 

  • Common Property

 

1. Land or a tract of land considered as the property

of the public in which all persons enjoy equal rights.

A property not owned by individuals but by groups.

2. In a home (villa) unit or flat development that part

of the property owned and used in common by all the unit

or flat owners or occupiers and which is maintained

by the Body Corporate.

Glossary

Approval's

& Report's

  • Landlord

 

Owner of leased / rented property.

 

  • Leasehold

 

Owner of property allows another person to have possession of property in return for rent.

Term can vary from 1 day to 99 years.  The majority of residential tenancies are either 6 or 12 months.

Commercial leases are generally under 10 years and most often for a 3 year period.

 

  • Lessee

 

Tenant who has the right to use or occupy a property under lease.

 

  • Lessor

 

Landlord who holds title and conveys the right to use and occupy a property under a lease agreement.

 

  • Property Management

 

A division of a real estate office composed of leasing space, collection of rents, selection of tenants

and generally the overall maintaining and managing of real estate properties for clients.

  • Rental Yields (& calculations)

 

The return on investment as a percentage of the amount invested.

Gross rental yield can be calculated by multiplying the weekly rent by 52 (weeks in a year), then dividing

by the value of the property and multiplying this figure by 100 to get the percentage. 

 

  • Vacancy Rates

 

A measure of how many dwellings are available for rent over a specified time period.

A low vacany rate means there are not very many dwellings available for rent, while a high vacancy rate means

there is ample supply of rental properties.

 

  • Vendor

 

The seller.

 

  • Yield

 

The return by an investor on an investment, shown as a percentage of the amount invested.

Investor

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