About a week ago, we pushed out a big feature around templates that we're super proud of what we've been able to give to you. Today, we're pushing out another big refresh around our Property Management Agreements. This has been a long time in the works. We've listened to you and have added a whole bunch of new features and automation around managing your property management agreements.
Some highlights:
- For starters all new property management terms are reporting based on the money that was received and not what was booked. No more confusion around if the rent was paid or not. You still have the option for Accrual based accounting, but it's no longer the default.
- We have opened up almost all fields to be edited once the agreement has been published. You can add/remove properties, update fees and create additional terms for your agreement
- Automation!!! We have added the ability to automate as much or as little as you want with your monthly process
- We've expanded the creation of lease fees and management fees to create both sides of the income flow. Once you pick the Accounts you want to book the fees against in your company, when you charge your management fees, it will create the expense against the property and then income to your company. All transactions will be automatically marked as paid. With Bank Download, it will automatically reconcile as well when the money is moved between accounts.
- You can have the system run your management fees on the day of the month you choose.
- In addition we give you the ability to automatically generate the owner contribution/distribution charges.
- And then finally, you can have the system automatically generate the Statements and send them out to the owners.
- You now have the ability to automate the entire process with the exception of paying your owners
- We have streamlined the ability to record that rent payments and/or security deposits flow directly to the owner. They show up on the statement, but don't affect the balance.
- With this release, all the reports have been cleaned up to look more modern and professional. You can also add your own text at the bottom of each statement, customizable for each agreement.
- Lots of other improvements as well around Property Management Agreements
We've got lots of things in the works, so keep an eye out for more announcements shortly
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