Help Center - For Landlord
How do I add a required reserve to the Property?
Property Reserve is a specific amount of money that the property manager can access from the owner to deal with daily obligations, minor maintenance requests, utilities, and emergencies per unit managed.
To add a required reserve to the property, please go to the “Properties” list from your menu on the left side of your dashboard, locate the needed property from the list, and press on the “view” button. Then click on the three dots in the upper right-hand corner and choose the “Edit” option.
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:
While editing, scroll down the “Property Owners” section, check the toggle button to enable ”Assign Owners,” if you have not done this yet. Now you can select an owner from the drop-down list by clicking on the “+ add owner” button. Now you will be able to add the required reserve. Click on the "Update" button to save all changes.
The Property Reserve also depends on the property type. If your property is a single-family house, the Property Reserve amount would be a total for a whole building.
In the scenario with a multi-unit property, the Property Reserve amount is the reserve per each unit. The system multiplies the reserve amount to a number of units added and then shows a total for a property.
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.
Mar. 13th, 2019