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

Annual-cost method

Compare repair and replacement by what each costs per year, not per invoice

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

Estimate

The price a contractor expects, given before anyone has committed to it

Fixed price

One agreed sum for the whole job, whether the work runs long or short

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

Quote

The contractor's offer: their price, their scope, their terms, binding on them once you accept

Retention

The last slice of the contract price, held back until the work is approved, snag-free, and the site is cleared.

Stopgap

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

Time and materials

Billing by what the job takes: hours worked plus materials used, rather than one agreed sum

Two-inflection curve

Components hold steady, then decline, then drop off a cliff