Add Multi-Unit Properties

Rentec  Direct makes it easy to add and manage multi-unit properties.

Multi-unit properties are a great option for managing any location with multiple renters, including duplexes and multiplexes, student housing, storage facilities, RV parks, boat slips, campsites, and parking lots.

Before You Begin

Only a few fields are required to create a multi-unit property. However, completing as much of the property profile as possible helps Rentec Direct automatically populate information throughout the software, including reports, marketing, online applications, tenant move-ins, and accounting.

When creating a Multi-Unit property

  1. Add the Main Property, then
  2. Define each subunit

If you happened to have added the subunits first, they can easily be grouped together

Tip: Hover over the "?" icon for more details about the field.

Add the Main Property

Address and Rental Details entered here will auto-populate to each subunit. (Square Footage, Year Built, Bedrooms, and Bathrooms can be added to each subunit)

In your Rentec Direct account:

  1. Click Properties

  2. Click +Add Property


  3. Enter Property Information

    Tip: Unless all units have the same Square Footage, Year Built, number of bedrooms, and bathrooms, leave the default blank or set to "0" and configure it in the individual unit.


  4. Under Rental Details
    1. Check Multi-Unit Property
    2. Enter the number of occupiable units (not including the Main Property) 
    3. Select the Property Type
    4. 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 amounts for each subunit individually.

  5. Under Managers & Owners (PM Accounts Only), assigning managers and owners allows Rentec Direct to automatically use the correct contacts for reports, notifications, maintenance, management fees, owner disbursements, and communications.

    Use the dropdown to select the:

    * Property Manager

    * Marketing Manager

    * Maintenance Manager

    * Owner

    Learn more about Manager Types

  6. Enter Financial details

    Tips:

    * Income and Expense Accounts will serve as the default ledgers for all property-linked transactions, including income such as rental payments and owner contributions and expenses like vendor payments, management fees, and owner disbursements.

    * Select the Payable To name that will appear on tenant invoices

    * Renter's Insurance Required - If renters' insurance is required, use the dropdown to select the amount required

    Tip: Renters can easily purchase renters insurance through their tenant portal. Click here to learn more about renters insurance with Rentec Direct: Renters Insurance

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

    Learn more about Setting Up Categories | Chart of Accounts

    1. Set the Property Reserves (PM accounts): To ensure accurate accounting, if owner disbursements will be made from the main property, set the reserve amount here. If owner disbursements will be made from individual subunits, set the reserve amount within each subunit instead.

  7. Enter Insurance information


    1. Track property and/or landlord insurance

    2. 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 the Rentec Direct Property Insurance Report using the steps below.

      Tip: If you do not want the property to appear on the Property Insurance Report, enter Exempt in the Carrier field.

      Learn more about Steadily Landlord Insurance and Rentec Direct.

  8. Under Fee Structure (PM accounts only)

    This section allows you to set up automated management and placement fees for each property.

    1. Management Fees default to 6100 Management Fee Expense and can be changed if needed.

      You can select your management fee structure from:

      * Flat Rate (monthly)

      * Percentage of Tenant Payments

      * Percentage of Charged Rent

      * Not Less Than and Not to Exceed (for minimum and maximum Management Fees)

    2. Placement Fee amount that should automatically post when a tenant is moved into a property. (Placement Fees default to 6150 Commissions Expense and can be changed if needed.)
    3. Learn more about Automated Management Fees

  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.

    Learn more about using Data Fields

  10. Click 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. Use the steps below to Define Each Unit

Defining Each Subunit

Each subunit must be defined before a renter can be moved in. Most information will default from the main unit and can be verified and edited here as needed using the steps below. Hover over the "?" for more details.

In your Rentec Direct account:

  1. Click Properties

  2. Click Add subunit


  3. Review the information that populated from the main property
  4. Update any unit-specific information, including rent, security deposit, bedrooms, bathrooms, managers, fees, and accounting settings.
  5. Click Add Subunit
  6. Repeat these steps until every rentable unit has been added

Tips:

  • If a subunit address is left blank, Rentec Direct automatically uses the main property address and the unit nickname.

    Example:

    • If the main unit: 123 Main St
    • Unit Nickname: 5

  • The unit address automatically becomes:

    123 Main St, Unit 5

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 that weren't defined on the main property, define them here before placing a tenant in 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.) 

Property Insurance Report

Easily track insurance coverage for all of your properties using the Property Insurance Report.

In your Rentec Direct account:

  1. Click Reports

  2. Under Miscellaneous, select Property Insurance
  3. Select the Property/Properties to include
  4. Choose the Insurance Status you want to display
  5. Click Submit

Reports can be:

  • Printed
  • Downloaded
  • Saved as a PDF or CSV
  • Emailed

Click the ⭐Favorite icon to save the report to your favorites for quick access.

Tip: You can schedule the report to be emailed to you on a weekly or monthly basis. See  automating scheduled reports to learn more.

Frequently Asked Questions

Why is it important to set up the account in the order of Basic Setup Steps?

Rentec Direct is designed so information entered during setup works together throughout the software.

For example, adding your bank account before creating properties allows you to:

  • Select the account as the property's default income and expense account.
  • Automatically post transactions to all linked ledgers simultaneously.
  • Reduce duplicate data entry.

When tenants are moved into the property, payments automatically post to the tenant, property, and associated bank ledgers, helping keep your records accurate.

Can I customize my Chart of Accounts?

Yes, you can modify the default categories to match your accounting practices or your accountant's preferences.

Learn more about Setting up Categories | Chart of Accounts

How do I market my property?

Your Rentec Direct account includes a property website and syndication to many major rental listing sites.

Learn more about Marketing Your Rental Through Online Listings 

What other features use information from the property profile?

Information entered in the property profile is used throughout Rentec Direct, including:

Why can't I add properties?

If you don't see the +Add Property button, your account may not have permission to add properties.

Managers and subusers have permissions that control which features they can access. If your permissions do not allow adding properties, the option will not be available.

If you're having trouble adding a property, reach out to your account admin to review your permissions.

Learn more about: Customizing Manager and Users Permissions

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