Transcription:

Hello this is Nathan with you UnitConnect the online property management software company. In this tutorial I will be covering how to update existing property information. 

So here we are on my UnitConnect account and I’m going to come over to properties, here in the top menu or you can go to properties under actions, it will go to the same place. 

So here we go to properties and in the past, in past tutorials, I’ve added two previous properties which includes, the Eagle property and John’s property. If I click on the Eagle property, we’ll see the associated tenant, Subway and three vacant units. 

Additionally, if I click on John’s property, I will see my tenant, Tim Smith. So in this example, I’m going to select John’s property, and I’m going to come over to the left hand side and click on property info.

So now we can see all of the previous information that I’ve entered for this property, and we can make any changes if necessary. Please note that there are several sub-tabs that we are going to review. 

That includes property details, units, expenses, ledger and budget. Then we have another sub set of tabs, which includes, property owners, bank accounts, billing, documents and notes. In this tutorial, we’re going to stick with the property details tab and these subsequent sub-tabs. 

So for example, we can go ahead and change the name of this property. So if I wanted to change it to Nathan’s property, okay, and we are going to leave it the property type the address. All right, now I’m going to continue to the next section, which is property size. So for the property size its 10,000 square feet. Please note that I’m not using any commas when I’m entering this information.

The block law which says block 200. The land size, let’s say is 20,000 square feet. All right, so here’s the last input, which is FAR, and that stands for, floor area ratio. And this is a ratio that’s generally used in zoning in different localities. 

So for now, I’m just going to disregard it, as it’s not applicable for the purpose of this tutorial. Alright, now that I’ve entered this information, I’m going to go ahead and click update to update the software.

Now we have this notification, property info updated and now I’m going to go ahead to our next tab, Owners. We can see that currently John Smith is the owner of this building, and we have all of his relevant information. 

All right and if I wanted to make any changes, I just simply click on John Smith, click on modify owner and now I can make any changes to the owner, that’s necessary. 

Some examples may include changing the phone number, updating the fax, changing the title or anything else. Okay, and after that, I’m gonna click, save. 

Alright, now I’m gonna come over to Bank Accounts. Here on the Bank Accounts tab, we can see the associated operating accounts for this property and if I scroll down here a bit, we can select accounts. 

So if I click on select accounts, that will display all the existing operating accounts and so we can see that we have another operating account that’s associated with John’s property. 

But for the time being in this tutorial, I’m going to select it and click on save. Now the reason that one may want to have two operating accounts is because you’d be able to apply expenses to the other operating account, here in bank accounts. So depending on how you have your accounting configured, this may be something that you want to do. If you only want to have one operating account with this property, you can simply select accounts and unselect whichever one you do not want to have associated and click, Save.

Alright, here we are on the billings tab, on the left hand side we have different fiscal year definitions. So we have our tax fiscal year start date, Cam fiscal year start and insurance fiscal year start associated with this property, we can make changes by selecting this drop down and selecting different months out of the year and we can also enter different days out of those months here in this following field. 

And after we’ve made changes, we can click on update, and we’ll see a pop-up in the bottom right corner, fiscal year definitions updated, which have been updated in the software. 

On the right hand side we have our billing defaults and so the first two is the send bills on the 25th of the month and receive payments on the fifth of the month. 

The reason that these days are important is because they show up on the tenant invoices. Here’s our operating bank accounts. And this is a drop down menu. And currently there’s just one operating account, which is the same account in our bank accounts tab associated with this property. 

This is where all tenant invoices are sent and this is also where the property expenses are expensed from. So, obviously, it’s important to ensure that you have the correct bank account or bank operating account selected. 

If you were to make any changes to any of this information. Again, you would click on update and we’ll have a pop-up billing default updated to ensure that the software has been updated appropriately.

Here we are on the Documents tab and this is where you would want to house related documents to the property, that may include operating agreements or LLC documents as an example. 

To demonstrate this functionality, I’m going to go ahead and click, Add, I’m going to choose a file on my computer and I have created a test document, which is a Word document. I’m going to select open, I’m going to use the description as LLC Operating  Agreement and and click, Save.

Alright, and so now we have that operating agreement here and if I go ahead and click on it, I can modify and change the description of the name. So I could for example, just take an operating input LLC agreement, click Save.

And now we have changed the description or I could also choose to delete this document. If I click on preview, then this will download the document and so we can see that we’ve just downloaded it here onto the my local drive.

Lastly, we have the notes section and this is where you can add notes for the property. You can also update the custom fields, which are these five fields here at the bottom of the screen. 

So if I click on Customize these fields, we can add different names. We already have property name here in UnitConnect, but I just wanted to use that as an example. You could put number, number of parking spaces and anything else that you wanted to keep track of click, save. 

Then we can see that this field name has changed and you can put the associated values for these different field names in this example. 

So we have Nathan’s property as the property name and the number of parking spaces is five. After you’ve made those changes, you just simply select, Update fields and then on the bottom-right, custom fields are updated in UnitConnect software. 

All right, that concludes this video tutorial, I hope that you found it valuable. Again, my name is Nathan with UnitConnect, the online property management software and please be sure to stay tuned for future updates with our software, blog and video tutorials. Thank you so much and have a great day.