- Click My Team
- Click Options on the right side of the form, same row as the co-manager.
- Click Agreement.
- Click My Properties to view all your properties. Click the property you wish to add them to.
- Click the Manager tab near the top.
- View the terms. You cannot edit on this page.
Enter the agreed numbers
A modal will appear stating ‘Property Owner & Agreement’ at the top. Confirm the Co-Managers name at the top.
- Monthly Management: This is the agreed amount paid every month for co-management services. Landlords have two options: a flat dollar rate or a percentage of rent.
- Late Rent Split: When a tenant pays rent late and has to pay a fee, that fee goes to the landlord or co-manager. Here, the landlord can enter the split for each party. It begins with 0% to the co-manager, whatever percentage you add to Co-Manager will automatically adjust the landlords. Note: Co-Manager % + Landlord % = 100%.
- Leasing Bonus: If a co-manager will eventually be used for leasing, enter the agreed flat rate or percentage of rent. Note: When a leasing finally occurs, landlords will need to make a manual payment. Entering here is establishing the agreed terms.
- Management Fees Due On: What day of the month do you want your co-management fees to automatically withdraw. Note: We suggest adding time after Rent Due Date in case the tenant pays late.
Terms for all properties with Co-Manager
It is important to note that these Co-Manager Terms are applied to all properties they have been assigned to. Therefore, if a percentage is used for Monthly Management, Late Fees and Leasing, the exact dollar amount will be different from property to property if the rent amount is different.
Frequently Asked Questions
When adding Co-Management terms.
Why would I give Late Fees to my Co-Managers?
Every Landlord-Co-Manager partnership is unique. Every partnership has the flexibility to negotiate their own terms.
If a property is in a challenging rental market with a higher rate of tenants that pay late, this can be more work for your co-manager. Sometimes landlords are willing to compensate their co-manager for that effort.
Are Monthly Management payments automated or manually paid?
Both! Landlords can setup auto-payment so they do not have to keep repeating the same monthly task. Or, landlords can manually send a payment for Management fees or other type of reimbursements.
Why does day of the month matter?
If you want to set up auto-payments for Co-Manager fees, our platform uses that ‘day of the month’ to trigger your payments.
Can I edit / update terms?
Yes. Follow the same steps but click Update. Note: an email notification is sent every time terms have been update; to all parties.
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