The vocabulary the trade uses, in plain language.

Property managers use a small, specific vocabulary. Most of it is not in any homeowner's handbook because it isn't supposed to be. Here it is.

4P rule

A structured check for whether a repair is urgent

Component

A distinct part of the building with its own lifespan and maintenance needs

Consequential damage

The additional damage caused by not addressing a defect in time

Corrective maintenance

Fixing things after they break

Defect

Anything in the building that is not working as it should

Inspector

A professional paid to look at your house and write a report — not to fix anything

Lifecycle maintenance

Pushing components to their full lifespan and planning the eventual replacement

Mandate

The budget ceiling you set before a contractor starts work

Planned maintenance

The umbrella for the work you do before something fails

Preventive maintenance

Scheduled inspections and servicing that keep components working

Stopgap

A temporary fix that buys time to do the real repair properly