Add Properties

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

Important Note: The order in which you enter information will affect the flow of information across the system and skipping steps could create extra work to correct later. Prior to adding your first property, 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, 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 Address is used across the platform and is required for online applications, syndicated marketing, online rent payments, etc. 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
   1. 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
5. Under Managers & Owners (This option will be available for PM clients only)
   1. Using the dropdowns, select the designated manager for each function and 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
      1. Enter the Default Rent and Default Security before placing a tenant into the property
   3. Property Reserve 
   4. Renter's Insurance Required indicate the amount of insurance tenants are required to have
   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.
   
   System Note: Default categories can be changed to match your/your accountant's existing accounting practices. More about Setting up Categories | Chart of Accounts
   1. Category defaults to 6100 Management Fee expense
   2. Indicate the Management Fee structure for that property
   3. Placement Fees category defaults to 6150 Commissions expense
   4. Indicate the amount of the Placement Fee to post upon moving in a tenant 
      
      System Note for PM subscribers:
      • Be sure first to add owners and property managers and then assign them to the property being created.
      • If you anticipate tracking management fees for your property and would like the program to calculate and post those fees automatically, you will want to be sure to establish the management fee structure prior to placing a tenant in your property. 
        
        More information regarding management fees can be found here:  Automated Management Fees
8. Click on Add Property
9. 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 
    
    Learn more about Marketing Your Rental Through Online Listings