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Understanding and applying management fees

This article is linked to understanding financials

1.How do you want to remit (present your statement) to an owner

  • By owner – This is used where an owner has a portfolio and wants one statement across the whole portfolio
  • By property – This is used where an owner owns a  property and all underlying units e.g HMO and wants a statement by property
  • By unit – This is used where the owner receives a statement per unit

This is linked to the article how to set up you remittance preference

2. Management fees are either applied as :

  1. As a % of rent received
  2. As a % of the rent charged
  3. As a fixed amount

3. Management fees can be applied as:

  • Recurring transactions (in most cases)
  • One-off transactions

4. Management fees can be applied at

  1. Property level
  2. Unit level
  3. Tenancy level

The advantage of adding them at property or unit level is that they don’t have to be applied every time you add a tenancy

5. How to apply a management fee at the point of remittance 

When adding the recurring charge ensure the tick box At remittance.  The advantage if fees are applied at remittance is a less crowded owner statement.

 

6. Adding the management fee 

Go to the property/unit/tenancy>add recurring

When dealing with a % of rent received or charged there is no need to have dates. When dealing with fixed fees ensure you enter dates when fees are to be applied.

Select the transaction type, add a description and an amount. If you would like to add an expected payment date for fixed fees this will dictate when the transaction will show as overdue.

6. Applying management fees at the point of creating a tenancy 

The fee is applied to page 4 of the add tenancy screen.

 

 

 

 

 

 

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