Now that you have a property on your system, you will need to create a tenancy in order to set a tenant up in a property and start charging rent to that tenant.
You can create different types of tenancy, and configure it in many different ways, e.g. various rental periods and durations, to receive housing benefit, to apply letting charges to the landlord and to capture and process tenant security deposits.
However, for now let's just add a simple monthly tenancy starting on the current date (this will be the default start date selection) and running for 12 months. Specify a rental value of £1000.00 per month, for example, and leave the default letting fee of £250.00 to be charged to the landlord for arranging the tenancy.
- Go to the relevant property.
- Click the Create Tenancy button in the key actions on the top right of the screen.
- If the tenant already exists on the system, select them from the drop-down, or just enter a new tenant's name to add them at the same time.
- In the Dates section, specify the dates which define this tenancy, e.g. the start date, the rental period and the overall duration.
- In the Rent & Charges section, specify if the tenancy is Let-Only or Managed. The default is Managed, although this does not affect the behaviour of the tenancy in any way; it is merely an indicator of the type of tenancy from the agency's perspective.
- Specify the agreed rent value, e.g. £1000.00 per month.
- Rent is applied using rent schedules. By default, a rent schedule will be set up to apply the rent value (from step 6) every rental period (from step 4), but you can choose not to apply this automatically and instead set it up manually afterwards.
- Define the security deposit due from the tenant, if applicable.
- If the landlord is to be charged a letting fee, specify this value here. This comes from the default agency letting fee setting.
- Click Save to create the tenancy.
You will be taken to the tenancy overview screen where you can see details of the property, the tenancy and tenant, and balances due to/from the various parties involved, e.g. the landlord and tenant. In this case, rent will have automatically been applied up to date by the rent schedule.