Multi Unit Property

Rentec Direct streamlines the process of adding Multi Unit properties, accommodating any number of units regardless of the property type. Settings in the main unit automatically populate to each individual unit, saving significant time, or can be set within each subunit.

Adding a Multi Unit Property

The following steps will guide you through adding a Multi Unit property to your software.

Tip: When entering data, hover over the "?" for helpful time-saving tips.

In your Rentec Direct account:

1. Click on Properties
2. Click on +Add A Property
3. Property Identification Tips
   1. Address - This address will automatically be used for subunits. If the subunit has a different address, it can be entered when you define the subunit in the following step.
   2. Description is used for syndication (2 bdrm, 2 ba, with garage, etc). If each subunit is the same, enter the details here to auto-fill in subunits; otherwise, leave this field blank and define the details in each subunit.
4. Rental Details Tips
   1. Check the Multi Unit Property box and indicate How Many Units (occupiable, not including the Main Property) 
   2. Default Rent and Security - If all units have the same rent and deposit, enter the amount here. Otherwise, leave the default 0.00 and set the rent amount in each subunit
5. Managers & Owners (PM accounts) - Select the Property, Marketing, and Maintenance Manager and Owner to ensure accurate accounting and excellent communications. Learn more about Manager Types
6. Financial - It's important to enter this data for accurate accounting and reporting, paying special attention to:
   1. Income and Expense Accounts - This default links financial transactions with tenants, properties, banks, and owners (PM accounts)
   2. Property Reserve can be set to your preference and will not auto-fill in subunits
   3. Renter's Insurance Required helps you to require and track the status of those with Renters Insurance. Learn more about renters insurance with Rentec Direct here: Renters Insurance
   4. Property Insurance allows you to keep track of property insurance status and purchase landlord insurance through your software. Learn more about landlord insurance with Rentec Direct here: Landlord Insurance
7. Fee Structure (PM accounts) - Set your default management and placement fees to automatically post to the ledger and ease of paying out management fees in one transaction with the Pay Property Manager option. Learn more about Automated Management Fees
8. Click on Add Property

Defining Each Unit

Each subunit must be defined before a renter can be moved in. With most of the information defaulting from the Main Unit, the Unit Name is the only required field, but we recommend taking a quick glance to verify the data. Details for each subunit can be quickly verified and defined using the following steps.

In your Rentec Direct account:

1. Click on Properties

2. Click on Add subunit

   

   
   
3. Property Identification
   1. Unit Name (Apt A, Unit 1, etc.)
4. Verify details that may be unique to the unit
   1. Description for syndicated sites (3 bdrm, 2 ba, includes storage or garage, etc). More details can also be provided on your marketing page.
   2. Address - If left blank, automatically defaults from the Main Unit for marketing and reports
   3. Default Rent and Security
   4. Renters Insurance Requirements
5. Click on Add Subunit

System Notes:

• Be sure the default income and expense accounts are indicated to ensure financial transactions are posted to the correct bank account
• If you collect management fees and they weren't defined on the main property, define them here prior to placing a tenant into the system. The system does not retroactively change or post management fees. (If this setting is not configured, management fees would need to be manually posted)