Owners with shares, and management agreements
Record who owns each unit and in what share, over time. A management agreement holds your fee, the letting and renewal fees, the owner's repair limit, the reserve you keep back and how statements go out.
PLANSFrom Growth
The problem it solves
- A flat has three owners after an inheritance, and rent is split by memory.
- Your fee terms sit in a signed PDF that nobody opens when the bill is made.
- A repair is done before anyone checks what the owner agreed you could spend.
- When an owner leaves you, their units stay mixed in with the ones you manage.
How it works
- Lease > Portfolio > Owners > New: a contact with the Property Owner tab. Tick Lives Abroad and give the tax withheld on payouts where it applies.
- Under Units Owned add each unit with the share, from and until. A unit can have several owners, and shares can change over time.
- Lease > Portfolio > Management Agreements > New: the owner, the account manager, from and until, and the units it covers.
- Fill the fees: the management fee, the letting fee, the renewal fee. Then the repair limit, the emergency limit and the reserve kept back.
- Attach the signed agreement and press Start. SmartMy checks that no unit is already managed and that the owners hold 100 % between them.
- From then on rent, fees and repairs of those units go to the owners' ledgers. End the agreement when the owner leaves you.
Everything it does
Owners
- Property Owner: any contact, a person or a company
- Lives Abroad and Tax Withheld on Payouts (%): tax taken from rent paid to owners abroad
- Units Owned: unit, share (%), from, until, note; a share is more than 0 and at most 100 %
- The unit's Owners tab shows the same list
Management fee
- Share of Rent Collected (the default): a percentage of rent as it is paid
- Share of Rent Billed: a percentage of each rent bill when it is posted
- Fixed per Unit a Month: an amount per unit, charged once a month
- No Management Fee
Other terms
- Letting fee: None, Weeks of Rent, Share of the First Year or Fixed; a renewal fee
- Repairs Without Asking (the owner's repair limit) and Emergency Repairs Up To
- Reserve Kept Back: left in the owner's balance at each payout
- Payout Monthly (the default) or Quarterly, and Payout Day (10 to start with): recorded on the agreement
- Statements by Email: on to start with
- Inspection fee and Tax on Fees: recorded on the agreement, not charged by themselves today
Agreement rules
- Draft, Running, Ended, Cancelled
- Start: needs units; a unit can be under one running agreement only
- When a unit has no owners recorded, Start makes the agreement's owner the 100 % owner from the start date
- End: the units become the Entity's own again; Cancel works on a draft only
Who uses it
Lease userRecords owners, their shares and the management agreements.
Account managerLooks after the owner's agreement and units.
Lease ManagerRuns the owners' money: ledgers, statements and payouts.
Where you use it
- Web: Lease > Portfolio > Owners and Management Agreements; the unit's Owners tab
- Owners see their units on their web page and in the SmartMy Lease app
- Not an owner's own sign-up: you add owners and give them a login
What you control
Settings
- Fee type and value, letting fee, renewal fee, repair and emergency limits, reserve, Statements by Email: per agreement
- Tax withheld on payouts: per owner
Approvals
- Owners approve repairs over their limit where you add the Owner of the unit level to the work order chain (see Owners approve repairs)
Notifications
- None of its own: owners hear when a statement is sent (see Owner ledgers)
Questions
Can a unit have several owners?
Yes. Add a line per owner with their share. The shares on a day must add up to 100 % when the agreement starts.What happens when a share changes?
End the old line with an until date and add a new one from the next day. Rent is split by the shares on the day it is collected.Does the repair limit stop a repair by itself?
Not by itself. Add a level of Owner of the unit to the work order chain, asked only over the limit. Without that level, your staff approve work orders and should check the limit.Are payouts made on the payout day by themselves?
No. The payout frequency and day are recorded on the agreement. You make the statements and pay them out when you choose.Which plan has it?
Growth and above.Related features
OWNERS AND CLIENT MONEYOwner ledgers, statements and payoutsRent you collect for owners goes to an owner payable account, not your income. Each owner's ledger fills by itself with rent, fees and repairs, and each period you send a statement and pay out from the client bank.OWNERS AND CLIENT MONEYLetting and renewal feesSet the letting fee and renewal fee in each management agreement. When a lease of a managed unit is confirmed, the fee is taken from the owners' money by itself and shows on their next statement.OWNERS AND CLIENT MONEYOwners approve repairs, with their own pages and appOwners sign in to see their units, how long each is let and their statements, on the web and in the SmartMy Lease app. From Growth, a repair over the owner's limit can wait for the owner's approval.OWNERS AND CLIENT MONEYClient money check: bank against what is owed and heldPick a day and see the client bank balance next to what you owe owners and the deposits you hold. The difference tells you whether client money adds up before the next payout.PORTFOLIOProperties, blocks, floors and units with keys and access cardsKeep every building down to the unit: blocks, floors, unit type, areas, asking rent, features, keys and access cards. Each unit shows whether it is vacant, reserved, let or under notice, worked out from its leases.
See your buildings on it.
Tell us how many properties and units you have, whether you let your own or manage for owners, and how rent is paid today. We will set up your portfolio with you on SmartMy Lease.