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. This data is used across the platform for various purposes, including online applications, marketing syndication, online rent payments, mail delivery via the mailing manager, and landlord insurance quotes.

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 Information, enter as much information as possible. Be sure to select a verified address from the list.
4. Under Rental Details, the Default Rent and Security will automatically be used when moving tenants into properties, marketing syndication, and reports.
   1. If the property is a Multi-Unit Property, check the Multi-Unit Property box & enter the number of units. 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.
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, the Default Income and Expense bank accounts ensure income, such as rent, and expenses for repairs or management fees, appear on the correct bank ledgers for accurate allocation of funds, record keeping, and reports.
   1. Renter's Insurance Required - If renters' insurance is required, use the dropdown to select the amount required

   2. 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

      * PM Accounts*

   3. Payable To select who the statements should indicate for tenants to make payments to or select Do Not Show
   4. Property Reserve: Check the box, then enter the amount of reserve for the property
7. Under Insurance,
   1. Track property and/or landlord insurance

   2. Pro accounts can view an estimate based on information entered for the property. Click on the link to obtain a quote and even purchase landlord insurance that can be tracked and viewed in a Property Insurance Report using the steps below.

      Tip: If you do not want the property to show on Property Insurance reports, enter Exempt in the Carrier Field

8. 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 
9. 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 Manager.
10. 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.
11. Click on Save Changes 

Property Insurance Report

Easily track the status of all property insurance in your Rentec Direct account with the Property Insurance Report.

In your Rentec Direct account:

1. Click on Reports
2. Under Miscellaneous, click on Property Insurance
3. Select the Property/Properties using the dropdown, and any Insurance Status you would like included
4. Click on Submit

Reports can be printed, downloaded, and saved as PDF or CSV, and emailed. Click on the ⭐to add the report to your favorites.

Tip: Stay on top of your property insurance policies by scheduling them to be emailed to you weekly or monthly automatically. Click this link to learn more about automating scheduled reports.

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