How to Set up Management Fees

This article will show you how to setup management fees

In Rentvine you have the ability to create multiple management fee profiles.  Once you create a profile you can then assign it to a property.  The steps below show you how to create a management fee profile

 

To set up Management Fees do the following:

  • Go to the upper right corner of the Rentvine screen and click on your name
  • Click on Settings in the dropdown menu
  • On the next screen click on Management Fees
  • On the right side, click on the green New Management Fee button
  • Give your Management Fee a name, then move to the next section

 

 

Management Fees on Leased Properties

  1. Automatic Collection of Management Fee - *Upon Tenant Payment
    1. Percent of Rent Payments - Upon tenant payment a specified percentage of rent will be automatically collected (posted to the manager ledger) as a management fee.

      *If you set both Percent of Rent Payments and a Minimum Amount then the Minimum Amount will be the amount to collect if Percent of Payments Received is less than the value specified in the Minimum.  
  2. Manual Collection of Management Fee - *The below fee settings are not triggered on payments; These are triggered once each calendar month and will need to be manually collected by performing the "post management fees" process.
    1. Minimum Amount - This is a minimum flat amount you collect each month.  
    2. Recurring Flat Amount - This is a flat amount you collect
    3. Recurring Percent of Market Rent - This setting will collect a percentage of the Market Rent that was set at the property level
    4. Recurring Percent of Actual Rent - This setting will collect a percentage of the Actual Rent that is set at the lease. (The agreed upon amount of rent)

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    Management Fees on Vacant Properties

    • Recurring Flat Amount - This setting will allow you to collect a flat management fee each month for a property that is vacant
    • Recurring Percent of Market Rent - This setting will allow you to collect a management fee based on the percentage of the Market Rent

      *Vacant property fees are not triggered on payments;  They are triggered once each calendar month if the property does not have a lease.  They need to be manually collected by performing the "post management fees" process. 

     

     

    Lease / Renewal Fee
      • Lease Fee type - Set the amount that you want to charge an owner when leasing a property. You can choose None, Flat amount or Percentage of actual rent 
      • Renewal Fee - Set the amount that you want to charge an owner when renewing a lease on a property. You can choose None, Flat amount or Percentage of actual rent 

       

       

      Additional Management Fees

      Additional fees are funds that you want to collect in addition to the fees specified above.  Some common ones are late fees and NSF fees.

      IMPORTANT If you wish to automatically collect any additional fees that are income to the Property Manager, they must be added in this section. 

      1. Click on the grey Add Management Fee button under this section
      2. Select the appropriate Chart of Account in the drop down menu along with the percent of that fee you wish to keep. (Eg. Late Fee, Pet Fee, NSF Fee)
      3. Choose what percentage you want to collect.
      4. Toggle the Is Passthrough button ON if you wish to suppress this from the owner statement
      5. If you leave the Toggle option OFF you will need to choose an expense account that will appear on the Owner Statement

        *Note: Whatever fee is not listed in this section will be income to the Owner. In the same regard, if a management fee is listed with a percent other than 100% then the remaining difference will go to the Owner as income. (eg. 75% means 75% to the PM and 25% to the Owner)

         

         

        Cloning Management Fees - Once you have completed your management fee profile and select Save you can “Clone” that fee structure to add another management fee profile. By cloning the management fee it will copy the current management fee setting into a new one and allow you to change anything within the fee structure for faster addition of additional Management Fees