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Real Estate Dictionary

What is a Self-guided Tour Apartment?

A self-guided tour apartment allows prospective renters to explore a unit on their own using smart access technology, providing flexibility and convenience without the need for a leasing agent to be present.

January 3, 2025

What is Managed Wifi for Apartments?

Managed WiFi is an outsourced, comprehensive internet service provided by specialized companies to ensure reliable, high-performance wireless connectivity throughout multi-unit residential buildings, enhancing resident satisfaction and simplifying network management for property owners.

December 29, 2024

What is "Inclusive Architecture" in Real Estate?

Inclusive Architecture in Real Estate is the practice of designing and developing buildings and spaces that are accessible, adaptable, and welcoming to all individuals regardless of age, ability, or background, thereby promoting equity and enhancing user experience.

December 29, 2024

Strata Fees in Multifamily Properties: An Overview

Strata fees in multifamily properties are regular payments by unit owners that cover the maintenance, management, insurance, utilities, and reserve funds necessary to maintain and operate common areas and shared services, ensuring the property's upkeep and financial stability.

December 29, 2024

What Does a Mullion Card Reader Do in Multifamily?

A Mullion Card Reader in multifamily properties provides secure, keyless access to buildings and amenities, enhances resident convenience, and enables property managers to efficiently manage and monitor entry permissions.

December 29, 2024

What is an LPR System in Multifamily?

In multifamily properties, a License Plate Recognition (LPR) system uses automated cameras and software to manage vehicle access, enhance security, streamline parking operations, and provide convenience for residents by accurately identifying and controlling vehicle entries and exits.

December 29, 2024

What is a Concession Chargeback in Multifamily?

A concession chargeback in multifamily real estate is a financial reimbursement process where property owners recover the costs of tenant incentives, such as rent discounts or move-in specials, from third-party firms that assisted in securing the leases.

December 29, 2024

What Does an AI Leasing Assistant Do in Multifamily?

An AI Leasing Assistant automates tasks like answering renter inquiries, scheduling tours, qualifying leads, and following up, freeing leasing teams to focus on high-value activities and improving the overall leasing experience.

December 29, 2024

What is a Package Room in Multifamily Real Estate?

A package room in a multifamily property is a dedicated, secure space for receiving, holding, and organizing residents’ deliveries, often managed by staff or automated technology to ensure safety and efficiency.

December 29, 2024

What is Digital Leasing?

Digital leasing involves using online platforms and electronic tools to streamline, automate, and secure all aspects of the leasing process—from documentation and signing to management—across various industries.

December 29, 2024
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