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Multifamily Real Estate Glossary

Multifamily Real Estate Glossary

What is Commingling in Real Estate?

Commingling in real estate is the prohibited practice of mixing client funds with personal or business funds, requiring client funds to be kept in separate trust or escrow accounts to ensure transparency and protect client interests.

May 31, 2024

What is an Absentee Owner?

An absentee owner is a property owner who lives away from their property, manages it remotely, often through third parties, and primarily sees it as an investment, facing unique challenges and benefits.

May 31, 2024

What is Renter Friendly Flooring?

Renter friendly flooring includes easily installed and removable options like peel and stick vinyl tiles, interlocking floor tiles, area rugs, laminate flooring, temporary carpet, foam mats, and removable floor decals, allowing renters to personalize their space without causing damage.

May 31, 2024

What is Doorvest?

Doorvest is a real estate investment platform that enables individuals to buy, own, and manage fully turnkey rental properties. The platform handles property acquisition, renovations, and management, making it easier for investors to generate passive income from rental properties without needing to be involved in the day-to-day operations.

May 31, 2024

What are Squatters Rights?

Squatters' rights, or adverse possession, allow a person to gain legal ownership of abandoned or unclaimed property if they openly and continuously occupy it for a legally specified period without the owner's permission.

May 31, 2024

What is Cash for Keys?

"Cash for keys" is a practice in which a landlord or property owner offers a cash payment to a tenant in exchange for the tenant vacating the rental property by a specified date.

May 31, 2024

What is a Rent Ledger?

A rent ledger is a detailed record maintained by landlords or property managers that tracks the rent payments made by tenants. It includes information such as the amount of rent due, the amount paid, the payment date, any outstanding balances, late fees, and other relevant financial transactions related to the rental property.

May 31, 2024

How much do Property Managers Charge?

Multifamily property managers typically charge 4-12% of monthly rent for their services, with additional fees for leasing, setup, maintenance, vacancies, and other specific services, averaging around 6-10%.

May 31, 2024

What is Rent Butter?

Rent Butter is a tenant screening platform that utilizes banking data and predictive analytics to offer landlords a comprehensive and real-time assessment of applicants' financial health and rental reliability.

May 31, 2024

What is RentPrep?

RentPrep is a tenant screening service that provides detailed background checks, customizable screening options, and FCRA-compliant reports to help landlords and property managers make informed rental decisions.

May 31, 2024
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