Paying Out Property Management Fees

Verify management fees with Rentec Direct reports prior to issuing multiple management fees in one easy payment.

Rentec Direct property management software provides an extensive list of reports, which include a Property Manager Rent report to quickly verify rent income and management fees organized by property and grouped by property manager. Pulling this report before issuing Management Fees can help prevent payment errors and keep your ledgers accurate.

The images below reflect a Property Management Rents report and Paying Property Managers in action verifying the amount to be paid is accurate.

How to View the Property Manager Rents Report

Quickly view the Property Manager Rents report.

In your Rentec Direct account:

1. Click on Reports
2. Under Miscellaneous, click on Property Manager Rents
3. Indicate the Report Period
4. Check Include Myself if you, as the admin of the account, are indicated as the Manager of properties
5. Click on Submit

See how to Schedule Renter and Property Management Reports to be Delivered to Your Email weekly or monthly.

How To Create a Management or Manager Payment

In your Rentec Direct account:

1. Click on Banking
2. Right-click on the bank account and choose Pay Property Mgr
3. Enter a Date Range
4. Select which Management Fees to include in the payment. The total of the selected transactions will automatically be displayed
   
   

   Note: Grayed-out transacts were previously paid.

5. Click on Next
6. Use the dropdown to select the Payment Type
7. If the payment type is:
   1. Check, enter the Check Number and Ref # as needed
   2. Print Check, the check # will automatically fill in
8. Payee will default to your company name. If the payment is to be made to a property manager, use the dropdown to select the manager
9. Property will default to "None." Since the transaction was initiated from the tenant or property, it is already on the property ledger. Leave this setting as "None" to avoid duplicate entries on the property ledger.
10. The Category will default to the management fee category indicated in the property profile 
11. Memo will default to "Management Fees"
12. The Amount will automatically total the selected fees 
    1. If the amount shown is incorrect, click on the little garbage can  to delete the Draft Expense Ledger at the bottom of the page and follow the steps below to make changes
13. Click on Post Expense if the amount shown is correct

Management Fees - What if I Need to Change Something?

If the figures reflected in the Pay Property Manager screen are inaccurate, the draft can be deleted, and a new draft can be issued after changes have been made using the previous steps.

How to quickly delete a management fee payment draft.

In your Rentec Direct account:

1. Click on Banking
2. Right-click on the bank account and select Pay Property Manager
3. Click on Next
4. Click on View Draft Ledger
5. Click on the little garbage can to delete the transaction from the Draft Expense Ledger 

After the information has been updated, create a payment using the previous steps. See more information on how to Edit, Correct, or Delete Transactions

How Can I Tell What Property-Based Management Fees are Associated With Each Payment? 

After management fees have been paid out, each payment has a corresponding report that breaks down the transaction.

In your Rentec Direct account: 

1. Click on Banking
2. Click on the balance of the bank account to enter the ledger where the expense was posted
   
   Pro Tip: Quickly narrow down your search by entering "Management Fee" or the category used (usually 6100)
3. Right-click on the transaction and select Edit Transaction or click the Paper/Pencil icon 
4. Click on View Report to see all the individual transactions
   
   Note: Print, save, or email the report using the icons at the top of the page

Can I Default the Category for the Payment to Something Else? 

Yes, the software allows you to change the default category anytime.

System Note: The new category will apply to transactions associated with properties added from that time forward. Existing property fee structures must be updated for the category to apply. See more details about how to Edit Property Profiles.

The following steps walk through changing the default management fee category.

In your Rentec Direct account: 

1. Click on Settings
2. Under Financial, click on Accounting Defaults
3. Under Financial Preferences, use the dropdown to select a Default property manager payment category
4. Click on Save Changes