Property Management Loop Set Up

Property Management Loop Set Up



Once the listing for lease file is complete (leased) – set up the Property Management loop for monthly payments as follows:

 Setting Up the Property Management loop:

Create loop – using property name:  Example:  Prop. Mgmt. – 7890 Gator Ln., Trinity, FL
Choose: “Rental: Property Management” template – which will load the folders & documents
Click “View Loop” – your loop should look like this:



Once Loop is Created:

PROP MGT/LEASE PAPERWORK:
- Upload Property Management Agreement or click on the copy provided in the loop, fill it out & send for initials & signatures the landlord/owner.
- Upload the signed lease.
- Upload any addenda or forms.

MONTHLY PROP MGMT PYMTS:
 *The CDA will need to be filled out each month for your property management fee payment.  

·       - Dalton Wade, Inc will send out invoices to each of your tenants by way of email.

·       - Property Owners will receive payment(s) within 1 business day by ACH deposit.

·       - All CDA’s will need to be submitted by the 25th of each month so that we can send out invoices to your tenants by 27th of the month.

·      - The Property Management Team will create a spreadsheet for each Property Manager to view when payment has been received.

·       - Property Owners will be able to view all payments made to them via QuickBooks.

*Commission account & escrow account information is NOT to be given to tenants to make their monthly rent deposit! This is your responsibility.  

Filling out your CDA:

Dalton Wade charges a one time annual property management fee of $79 per property.  The $79 gets deducted on your first CDA along with the $20 administrative fee - 1st property management loop will have $94 on Line 1. Payable to DW & going forward the $20 administrative fee will be added monthly (see below).

Top portion:
*Closing date – enter the date rent is received.
*Title, Lease – enter name of tenant or landlord.
*Commission Amount – full amount of rent.
*Commission Detail – amount of your prop. mgt. fee.
*Commissions – full amount of rent.
*Total Due – will auto-populate amount of rent.
Bottom Portion:
*Line 1. Payable to DW - $79 fee (one time fee on 1st CDA) – as well as the $20.00 administrative fee to process each payment per address each month.
*Line 2. Payable to – add your name & amount of prop. mgt. fee (after deductions to DW on Line 1.).
*Line 3. Payable to – landlord name and in the “Delivery Instruction” box the landlords full address or ACH.
The payable lines should equal the amount in the “Total Due” box in upper portion.

Once complete, sign the CDA and submit for review to the Compliance Team. 

Tip:  

- Each month you will add a CDA to the “MONTHLY PROP MGMT PYMTS” folder, rename the CDA by clicking on the 3 dots, type the name and hit enter.  Example:  Feb 2023 CDA, March 2023 CDA, etc. If a vendor payment is due and is not added to your property management amount and want the payment sent to the vendor, include the payment on the CDA with the vendor name, amount due, and address of vendor in the “Delivery Instruction” box.

Once you submit your CDA folder each month – Compliance will change the folder status to “PROCESSING CDA”.  Accounting will review and approve the CDA for payment. 

Adding a CDA each month - click on “ADD DOCUMENT” to the right of the folder.

Click on “TEMPLATES”:


Click on “COMMISSION DISBURSEMENTS” – scroll to the “DW-CDA (Lease)” & check the box:



Click “COPY” and your CDA will be added to the folder.

Click on the 3 dots to rename it to the month you are submitting your payment.

 

Converting photos to PDF files - there are numerous apps that will automatically convert a photo to a PDF file such as Camscanner (free).  This is helpful as a property manager to enable you to upload checks, receipts for any work such as plumbing, electrical, etc.

 

If you have any questions or need assistance please reach out to the Support Team:


Phone: 727-914-9174
Email:  support@daltonwade.com
Hours: Mon. – Fri. 9:00am – 7:00pm and Sat. & Sun. 12:00pm – 5:00pm


 

 


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