How To Add A Commercial Tenant To UnitConnect
In this tutorial, I will be sharing how to assign a new tenant to an existing property. Please refer to the link below this video as to how to add a new property.
Hello, this is Nathan with UnitConnect, the property management software company. In this tutorial, I will be sharing how to assign a new tenant to an existing property. Please refer to the link below this video as to how to add a new property. So, once you’ve added a new property and we want to add a new tenant, I’m going to start from the dashboard page, where we are now, what you see when you first login and we’re going to click on the admin tab here on the top right in the menu.
Once we’ve come to the admin page, you’ll see that there are three separate tabs to choose from, “property management”, “user management”, and “application management.” So we’re going to go to the property management tab and we’re going to scroll down to the new tenant wizard where the description says, “Create a new tenant” and we are going to click on the “go action” button.
Alright, so now that we’re here in the new tenant wizard, we can see our existing property that we created in the previous video. So I’m going to select this property, scroll down and at the bottom, you’ll see the “Next” button. So in the new tenant wizard, please note that there will be several sections that we will be working through, and adding information that includes the unit selection, addresses, lease details, rent breakdown and notes.
So here in our tenant contact information, this is where we’re going to specify where to send bills and where to send payments. So in this example, for the tenant name, I’ll use for example, Bills Automotive, so we can see that we can specify where to send bills to and then also for where we want the tenant to send payments to.
So here we have the management address or we can specify the owner of the property, wherever payments need to be sent. Also, please note that all fields that have a red Asterisk are required so that would be the tenant name, in this example.
Okay, so now that we’ve specified these we can move to the next section. So for the lease details information, we will be entering all the data based on the lease with this tenant and in this example, I will be using a 10 year lease.
So for the lease start date, I will be using the first of the month, 2020. For the lease end date, I will be putting the 31st of December, 2029 and for the possession date we’ll leave it at the first and the rent start date will also be the first. The deposit amount for this lease, we’ll say is $10,000 and if the deposit is adjustable, then you’ll want to indicate that by checking this checkmark box.
If it’s not adjustable, then we will leave that unchecked. For the insurance expiration, we will put the insurance expiration date. I’ll just put it one year out in this example, and will indicate whether or not the tenant has liability insurance by checking or by clicking on the check mark here.
For the pro rata share, we’re going to use 5% and regarding tax, cam and insurance we will be able to select the pro rata share as the base type in this example, so I’m going to select the checkmark for tax, cam, and insurance. I’m going to select pro rata share in each of these. Also, please note that there are other options which include base year increase or flat rate, depending on the details of the lease.
Alright, so now they’ve selected pro rata share for tax, cam and insurance. The next section is the admin fee. So if you want to include your admin fee, you’re going to select that and then for the payment structure, you can either select a percentage or a flat rate.
In this example, we’ll use a percentage of 5% and then also you can select whether or not you want to have a late fee for late rent. If you do, you select it with a checkmark and you will select what payment structure you would like. In this example, we use a flat rate of $500.
Alright, so that concludes, entering all the information, all the lease details on the lease details page and so now we’re going to move to the next page. Here we are on the rent breakdown section and so we’re going to continue using the existing information. So we have a 10 year lease. So our rent start date is January 1, 2020, our end date is December 31, 2029. Our start amount is going to be $10,000.
For the rent type, we’re going to use base and for our escalation, we’re going to start the escalation one year from the start of the lease. So I will put it at January 1, 2021 and each year we’re going to increase by 3% and it’s going to happen every year.
Once we’ve entered this information, we can click on, “auto fill.” As we can see, we have a rent breakdown which appears here on the right hand side and shows every year and the corresponding rent amount.
Following, if I scroll down further down the page, we have a section for additional charges. If you want to add additional charges, you simply hit the add additional charge button, and we have a pop-up, so you can select the date of the charge. In this example, let’s select the first of February and we can select the occurrence.
Whether we want to have this happen monthly, once, or yearly. Let’s say we want to have it happen monthly, we can add a description so maybe this is a charge for a utility or some other monthly charge in this example, I’ll just write utility. We’ll put the amount $200 and we’ll put the end date.
So maybe in this example, we don’t want to have an end date because it’s going to be recurring and we can also select a category. Here are the default categories within UnitConnect but these categories can also be changed, I’ll just put utilities and leave that at electric and click, “save.”
So now we have this appear here on our additional charges. If we want to modify an existing charge, we can select it and select modify and then it comes up and we can make the appropriate changes. I’m going to leave it all with no end date and click save.
Furthermore, if we want to delete a charge, we can select it and click delete. Or if we want to add more, we can either select additional charge or select add here at the bottom and we’ll get the same pop-up that appears. Alright, so that concludes our additional charges section.
I’m now going to go to the next page. This is the final section in the new tenant wizard. This allows for you to add notes, we also have custom fields, if there are certain things that you would like to edit or keep track of using this section of the software.
All right, now we can select, “Finish” here at the bottom right. “Are you sure you want to proceed?” “Yes.” Alright, so now that we’ve completed the addition of adding a new tenant, we have this successfully completed a new tenant with a nice green checkmark.
So now we can navigate to different parts of the software. We also have some different links right here which are readily available. But that concludes this tutorial on how to add a new tenant to UnitConnect software. Thank you so much for watching. I hope you got some value from this video and be sure to check out other videos on our YouTube channel. Thank you so much and have a great day.