This short video (02:14) outlines enhancements to the landlord pay-out processes.
- Receive money from landlords
- Enhanced traceability of rental income
- Post payments to property charges
- Two-step payout process (post, then transfer)
- No more automatic cross-property transfers
Enhanced traceability of rental income
When rent income is received from tenants, this creates a "property credit" which may then be paid out to the landlord, used to pay outstanding property charges, or most likely a combination of the two.
As this rent income is used up in payouts or charge payments, the remaining balance is depleted until it has been fully allocated, providing a new level of traceability of where all income has originated from, and where it has been paid out to.
Post payments to property charges
If you are settling all property charges from existing rental income on that property, you can still do this by ticking a Pay All Charges checkbox during pay-out. If you wish to pay just some charges, you will need to do this manually.
In order to pay property charges (due to the agency's office account) from rental income stored in the client account, you will need to first of all post a payment to the charge(s) from the existing credit. This will reduce the landlord's balance available for pay-out on that property, as well as reflecting the charge payment as new management revenue for the agency which is awaiting transfer to the office account.
No more automatic cross-property transfers
If a landlord has multiple properties, some with rental income and some with charges, the system no longer automatically allocates money from one property to pay another property's charges. This can still be done, but it is now a manual process since most landlords prefer to keep each property's accounts independent of others within their portfolio.
Receive money from landlords
One of the long-standing sources of frustration has been the inability to receive money from landlords. This is now available, at last! You can choose which property to lodge funds to, and this will show as a property credit which can then be allocated to pay charges, or just store on account for future use, e.g. for upcoming maintenance works.
This short video (01:05) looks at the new ability to receive money from landlords.