To set up global management fee settings, open the Portfolio page from the Property Operations left-side menu and click on the desired property card.
Note!
The owners' tab is available in Property Manager mode only. You can check your account mode by going to the "My Plan" settings.
Note! Check the pricing for the limits associated with your selected subscription plan.
Click the ‘'Owners’' tab. Edit the information or press on the Plus icon if there is no information added yet. To be able to set any type of fee, please assign an owner first. Select an owner from the drop-down menu or press the "+ add owner" button if you have not created a contact yet. If you have already assigned the owner(s) to the property, go straight to the management fee settings below.
Additionally, management fees can be configured not just at the property level but also at the unit or individual tenant lease levels, offering more granular control based on specific scenarios.
Note!
You must connect an owner to pay/receive funds, share property reports, send messages, and exchange files within the system.
Tip: A green circle to the right of your owner’s name means that you’re connected. A gray circle means that you are not.
Enable management fee options. There are "First Rent Payment Commission" and "Ongoing Rent Commission" options available. Check the toggle button to enable the fee. Both fees may be enabled simultaneously. When setting up the fees, you can decide on the type—percentage or flat fee—and specify the timing, such as upon rent payment. Both options allow customization to meet diverse requirements. Do not forget to press the "Update" button:
Now every time you move in a tenant, you will see the management fee settings enabled based on the property's global management fee settings. You can still disable and edit the settings for each individual lease.
To further streamline the process, TenantCloud allows these settings to automate management fee posting, ensuring they are included in the recurring billing cycles without manual intervention.
Note! Management fees are posted when the rent invoice is posted.
Note! In order for management fees to be published, you will need to set them up on the lease prior to the rent posting date. Example, rent is set up to post 5 days early with a due date of April 1st. If you set up management fees on March 30th, the window has been missed, and management fees will begin to show up for the following month's rent invoice.