Automated Management Fees

Rentec Direct property management software was designed to save valuable time by automatically posting management fees. 

Establish Management Fee Rates

Custom Management and Placement Fees are indicated in each property profile as they're added. The following steps will walk you through how to update management and placement (commission) fees.

In your Rentec Direct account: 

1. Click on Properties
2. Right-click on a Property and choose Management Fees
3. Under Fee Structure there are 2 potential Management Fees
   1. Base Management Fee
      1. The category will default to 6100 Management Fees
      2. Indicate the parameters of the fees for this property
   2. Placement Fees 
      1. The category will default to 6150 Commissions
      2. Indicate the one time fee, which will post upon moving in a new tenant
4. Update Property

Tips: 

• When updating multi-unit property, to apply the update to all properties, when saving selecting Update Primary and Subunits will apply the change to all units of that complex for you.
• To keep track of management fees, and for better reporting, we recommend utilizing the default category #6100 for management fees and #6150 Commissions. If you want to add in multiple Management Fee or Placement (Commission) categories for tracking multiple managers you will want to create a new Expense Category using Management Fee Class.
• Rentec Direct software allows you the option to set management fees to automatically post as an expense to a property each month. This expense does NOT automatically assign the default expense bank account, so is not reflected on the banking ledger until the payment is processed using the Pay Property Manager Tool

System Note: If your management fee structure is based on charged rent, the fee structure will need to be in place prior to moving in any tenants or the management fee will not calculate properly for the first tenant rent charges.  If your management fee structure is based on a percentage of rent payments, you will need to have the fee in place prior to posting any rent payments or the management fee will not post.

Important Note: If you update a move-in date for a tenant and select Yes to update accounting, AND your management fee is based on Percentage of Charged Rent, you will see additional management fees populate to the property ledger and will want to review the ledger for accuracy.