Add Properties

Adding properties is a simple yet vital process to setting up your Rentec Direct account. 

If you are new to Rentec Direct we recommend you follow the order on your Welcome Screen and review the Quick Start New Client Welcome Kit.  

Add Properties

Few fields are actually required; however, the more information you enter, the more the system will work as designed, as these settings interact and affect other areas of record keeping, subunit setup, and the flow of transactions across ledgers, forms, and reports.

In your Rentec Direct account: 

1. Click on Properties
2. Click on + Add a Property 
3. Under Property Identification
   1. The Nickname will display across the software and in reports. 
   2. The Description is optional, and the information entered is searchable in the properties tab (i.e., 3br 2ba, Includes Storage...)
   3. The Address is used across the platform and is required for online applications, syndicated marketing, and online rent payments. Begin entering the address and select the verified address from the list.
4. Under Rental Details
   1. Check the box to indicate if it is a Multi-Unit Property
   2. For Multi-Unit Properties, indicate How Many Units
      
      System Note: When viewing your property list, you will see an indication of how many units are left to configure. Auto-populating default information for the subunits will save you time. See more information about  Multi-Unit Property
   3. Use the dropdown to select the Property Type
   4. Default Rent and Default Security will automatically be applied when a tenant is moved in and 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
      
      Learn more about Property Managers in Rentec Direct PM
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 and link an asset account for this property within your Chart of Accounts.
      
      Learn more about Assets, Liabilities, and Equity Accounting with Rentec Direct
7. Fee Structure This option will be available for PM clients only and allows you to establish the parameters of management and placement fees.
   
   1. Category defaults to 6100 Management Fee expense. Use the dropdown to select a different category if needed.
      
      System Note: Default categories can be changed to match your/your accountant's existing accounting practices. More about Setting up Categories | Chart of Accounts
   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. Custom fields are also available in custom forms data fields. Learn more about Custom Fields
9. Click on Add Property
10. 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.
11. Click on Save Changes when complete or to exit the page 
    
    Learn more about Marketing Your Rental Through Online Listings