How do I add a required reserve to the property?
In most property management relationships, a rental property owner is expected to establish a reserve account. This reserve is a specific amount of money that the property manager can access to deal with daily obligations, maintenance issues, and emergencies. The owner also agrees to make sure that the fund never falls below the specific reserve amount.
When you are assigning the owners to the property and specifying the Property Reserve, make sure you have checked the property type. If your property is a single-family house, the Property Reserve amount would be a total for the whole building. In case of multi-unit property, the Property Reserve amount is the reserve multiplied by the number of property units. The system multiplies the reserve amount automatically and then shows a total for a whole property.
To add a required reserve to the property, please go to the list of Properties from the menu on the left side of your dashboard, find the desired property, and click the view button:
Property Reserve is a feature which is only visible in Property Management Mode, and in order to be able to add a required reserve to the Property, the Property Manager must be connected with the Owners and have assigned properties to them.
This might be helpful:
Then click on the Owners tab. If you haven't assigned owners yet click ”Assign Owners,” button. Now you can select an owner from the drop-down list by clicking on the “+ add owner” button. Then enable the automatic monthly owner’s distribution invoice generation. Now you will be able to add the required reserve. Click on the "Update" button to save all changes.
Required Reserve will be used for automatic owner distribution invoicing. If two or more owners are assigned to the property, you should also provide the percentage of ownership to each owner. This ownership percentage will be used to calculate the automatic owner distribution invoice for each owner based on the ownership percentage.
Oct. 8, 2020