Requirements for creating a new property management agreement
- Add your property owners to your contacts
- Add your property units to your properties
- Note: All properties with a property management agreement must have a property owner assigned to it
To create a new owner agreement, click on Manage in the left navigation menu and select Property Management Terms --> Add to get started. Please fill out all required fields along with any additional information you would like to include for the owner agreement.
Index of Required Property Management Terms Fields
Contract Number, Property and Owner
- Contract Number - If there is a specific reference number that you use to refer to the owner agreement contract, enter it here. Otherwise, any alphanumeric format of text works. This text will be used as the primary display name when showing your list of owner agreements, so keeping the text simple and easily searchable will help keep your contracts organized.
- Owner - Select which property owner from your contacts the property management agreement is for
- Properties - Select any/all properties that are associated with the property owner you previously selected
Terms of Agreement
- Terms Begins - Starting date of property management agreement
- Terms Ends - Ending date of property management agreement
- Termination Period - Number of days of advanced notice of early termination
- Month-to-month on Expiration - Check this if the contract remains active following the terms end date
- Fee Type - Type of management fee charged to property owner. Select from one of three choices: per property, percentage, or flat fee
- Compensation Amount - Based on the fee type, enter either the percentage or dollar amount
- Minimum Monthly Fee - The minimum that is charged to the property owner for a given month, even if no income is collected
- Rent is sent to Owner - Turn this on if rent is sent directly to the property owner
- Security Deposit is sent to Owner - Turn this on if security deposits are sent directly to the property owner
- Use Cash Based Reporting - By default, reports are accrual based reporting. Turn this on if you use cash based reporting.