Add Properties

Properties can quickly be added to your Rentec Direct account.

This article includes:

• How to Add Properties
• Frequently Asked Questions

Add Properties

The following steps will guide you through how to add a property. As you enter the fields, hover over the "?" for more helpful details.

In your Rentec Direct account: 

1. Click on Properties
2. Click on + Add a Property 
3. Under Property Identification enter
   1. Nickname - This will be the name that is displayed across the software and in reports
   2. Description - This is optional, and the information entered is searchable in the properties page (i.e., 3br 2ba, Includes Storage...)

   3. Address - Information entered here is used across the platform and is required if you would like to receive online applications, syndicate marketing, and receive online rent payments.

      Pro Tip: Begin entering the address and select the verified address from the list to ensure accuracy.

4. Under Rental Details
   1. If the property is a Multi-Unit Property
      1. Check the Multi-Unit Property box
      2. Enter How Many Units there are
      3. Use the dropdown to select the Property Type

      4. If all units have the same Default Rent and/or Default Security Deposit, enter it here, if not leave this field at 0.00 and enter the amount when configuring each unit

         Pro Tip: When adding a new multi unit property, the Add Property step will create a main property with the number of subunits indicated. Default information from the main property will auto-populate in the subunits saving you time. 

   2. Use the dropdown to select the Property Type
   3. Enter the Default Rent and Default Security - This information will automatically be applied when a tenant is moved in and will appear on the listing pages when the property is being advertised
5. Under Managers & Owners (This option will be available for PM clients only)
   1. Using the dropdowns, select the designated Manager for each function to ensure accurate documentation, reports, and prompt communications.
   2. Using the dropdown, select the Property Owner
6. Under Financial
   1. Indicate the default Income and Expense accounts that financial transactions are to be linked to throughout your accounts and reports
   2. Payable To (for PM clients) select who the statements should indicate to make checks payable to
   3. Property Reserve check the box then enter the amount of reserve for the property
   4. Renter's Insurance Required - If renters insurance is required, use the dropdown to select the amount of renters insurance required
   5. Property Insurance indicates your policy information for tracking purposes or click the Need a landlord policy link to get a quote from Rentec Directs integrated partner Steadily

   6. Linked Asset Account/Opening Balance: Checking this box will automatically create a Linked Asset Account for the property.

      Pro Tip: Learn more about Setting Up Categories | Chart of Accounts

7. Fee Structure allows you to establish the parameters of automated management and placement fees (This option will be available for PM clients only)
   1. Category defaults to 6100 Management Fee expense. Use the dropdown to select a different category if needed.
   2. Indicate the Management Fee structure for that property
      1. Flat Rate (monthly)
      2. Percentage of Tenant Payments
      3. Percentage of Charged Rent
      4. Not Less Than and Not to Exceed (for minimum and maximum Management Fees)
   3. Placement Fees category defaults to 6150 Commissions expense. Use the dropdown to select a different category if needed.
   4. Indicate the amount of the Placement Fee to post upon moving in a tenant 
8. Custom Info is any information you want to track and can be made searchable in your Rentec Direct account. Once Custom Info is added there will be a new Data Field to include the information in Message Templates, Forms, and Mailing Wizard.
9. Click on Add Property. The Marketing Info page for the property will automatically pop up, and you can complete it now or at any time when you are ready to market your properties.
10. Click on Save Changes when complete or to exit the page 

Frequently Asked Questions

Q) Why is it important to Setup the account in the order of Basic Setup Steps?

A) Rentec Direct is designed to save you time by linking fields that interact with each other for areas of record keeping, subunit setup, and the flow of transactions across ledgers, forms, reports, and your Rentec Direct website. For example:

1. Adding the Bank Account before adding Properties & Tenants
   1. If a bank account is added first when the property is added
      1. You can select the bank account you added as a default income and expense account that will automatically populate when transactions are entered
      2. Transactions entered on the property ledger will automatically show on both the property and bank ledger saving you time from double entry.
   2. If the bank account is already indicated in the property when a tenant is Moved In
      1. When a tenants payment is entered it will automatically populate on the tenant, property, and associated bank ledgers helping to ensure accurate record keeping

Q) What if my accountant has other preferred Categories for my Chart of Accounts

A) You can easily change your default categories to match your/your accountant's existing accounting practices. Learn more about Setting up Categories | Chart of Accounts

Q) How can I find a renter for my property?

A) Your Rentec Direct account includes a website and the option to syndicate to most major listing sites. Learn more about Marketing Your Rental Through Online Listings