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

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

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

Two-inflection curve

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