Property Terms for Owners
PROPERTY MANAGER MODE
If you manage a property for the owners, you can assign them to the property and set up a property management fee based on your Property Management Agreement.
To assign an owner or several owners to a property and set up the property terms, go to the property's page and press “View” on the desired property. Go to the Owners tab. Press on the Plus icon in order to assign the owner(s) to the property:
Click on “Owner 1” and choose an owner from the list. If the property has shared ownership, click on “+ add owner” and repeat for the total amount of co-owners this property has:
This might be helpful:
How do I add a required reserve to the Property?
How do I create an owner agreement?
The system's limit is five owners per property. With shared ownership, you'll need to determine how ownership is distributed. Type in what percentage of the property belongs to each co-owner next to each co-owner's name. The total must be 100%.
You will want to set up an automatic monthly owner’s distribution:
- flat distributions
- net distribution.
Both options can be enabled if needed.
You can put in place global settings for management fees that can be enabled when moving in a tenant or setting renewal lease fees and service fees. This will allow you to quickly generate property management invoices based on property terms. It will save you time and make your property management easier.
How do I set up automatic owner distribution invoicing?
How do I set up management fees?
How do I automatically calculate a service fee to owner?
How do I set up automatic Renewal Fee invoicing?
In order to share information about a property with an owner(s), you must be connected with the owner(s).
Apr. 7, 2022