Propertyware Knowledge Base

Propertyware provides two options for companies that need to charge a management fee for any buildings that they manage.

1. SIMPLE FLAT MANAGEMENT FEE -- If your company charges a flat fee for managing a portfolio, regardless of money collected in any given month, then the management fee should be set up as an AUTO BILL. Management fees set up as Auto Bills will be created periodically and will require you to pay them like any other bill created in the owner’s portfolio. Be sure to set the Vendor as your Management Company, and set the Bill Split to the appropriate Portfolio that you wish to bill.
2. COMMISSION BASED MANAGEMENT FEE -- If your company calculates a management fee based on a percentage of the types of charges collected from a tenant (i.e. 7% of rent plus 100% of late fees), then the management fee rule needs to be setup on the building (Properties > Select building).  Companies that choose this option must use the Management Fee Calculator located in the Management Tab to create the Management Fee Bill.
   
   To set up a portfolio with a commission based management fee, you have two options:
   
   a) Create a default management fee rule in the company information section of your administrative setup. This rule can be applied to your existing portfolios, and will automatically be the default rule on all new portfolios you create. The rule for any particular portfolio can easily be modified if it is different from the default rule.
   
   b) Create a separate management fee rule for each of your portfolios.
   
   To create a management fee bill, use the Management Fee Calculator under the Management Tab. You will be required to pay this bill like any other bill created in the owner's portfolio.