Course Content
Excel Property Management- Overview
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Important Terminology

Prospect

Anyone interested in renting an apartment at our property automatically becomes a prospect when they fill out an application.

Application:

Companies use applications to gather more information about prospects.

Manually (by hand)
Digitally (through the online portal)

Proof of income:

These are the documents a prospect must provide to the company, to demonstrate that they can pay for the apartment that they intend to rent.

They can be:

  • Check stubs.
  • Bank account statements.
  • Job letters.
  • Tax declarations.

Approval:

It is a positive response to an application done by a prospect.
With this response, the Leasing Agent can now contact the prospect and have them sign the contract. 

All bills included:

It means that the lease contract includes the following: Water, two (2) Parking Permits, Pest Control, and Electricity up to a maximum rate for each apartment.

Rent Manager:

It is the software or computer program used by the company to manage and organize the information of every prospect and residents (past and present).

The system also manages any information related to the apartments, works orders, and generates related reports.

Contract:

It is the legal document that depicts the relationship between a resident and the company, it contains all the duties, rights, and obligations of both parties.

Prelease:

A pre-lease refers to all contracts that have been signed but have not yet moved into the property.

Resident / Tenant:

Anyone who has signed the agreement and obtained the keys to an apartment is considered a Resident.

Separated/Reserved:

This means that an apartment has been reserved for a prospect.

Of course, the prospect would have had to make a payment (regularly an admin fee or a risk fee) for the unit to be reserved. This means the prospect will soon be a resident.

Broken Lease:

When a resident fails to comply with the contract’s provisions, specifically the lease term.

Failure to Move In:

Refers to a prospect who signed a lease contract and did not show up to pick up their keys.

Guarantor:

A Guarantor is someone who promises to pay if the leaseholder fails to do so.

Specials:

Refers to promotions approved by the Marketing Department and the VP to encourage more people to lease with the Property. 

The application fee is:

a $ 0 deposit and a $ 0 application fee.

Account number:

Allows the resident or future resident to pay anything they owe (Admin fee, Rent, late fees) in different local businesses such as supermarkets, check-cashing locations, among others.

Each account number is unique. Payments are regularly reflected instantly on Rent Manager. 

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