Initial settings on a property

Initially when you are setting up a property record, there are steps you can take to ensure best practice. They include:

  • Changing property ownership
  • Adding landlord(s) to a property record and joint ownership
  • Removing landlord(s) from a property record
  • Setting up your commission/management fee
  • Selecting the management type

 Warning

It's important that property records are set up correctly before entering opening balances or accounts transactions onto Alto. Changes to settings after this will not be applied to existing transactions, only to those created going forward

This article includes: 

Changing property ownership

The ownership of a property cannot be changed if there are open transactions against the property, therefore any changes must be made before opening balances are added. 

If you are adding a new landlord to the ownership of a property record, you must first ensure that the contact record for the landlord has been set up in Alto.

  1. Click Property on the main toolbar
  2. Select the relevant property from Recent & Favourite Properties
    1.  Alternatively, find the property using the Search Properties bar in the top right
  3. Click Property on the side menu
  4. In the Market & Ownership section, the current associated Owner(s) will be displayed. Click + to search for and add a new landlord
  5. To the right of the Owner(s), using the dropdown menu, you can select how the landlord will receive any generated letters
    • Direct - A separate letter will be produced for the landlord/Owner(s). The first landlord/Owner(s) in the list MUST always be Direct
    • CC - The second landlord/Owner(s) will be copied into the generated letter
    • None - They will not be included in any generated letters
  6. When you have added all the landlord/Owner(s) to the property, you need to enter the apportioned property ownership % Share. This must equal 100% across all landlords on the property
  7. Click Save

Each landlord will receive their own individual statement, each showing their own apportioned income and expenditure. They will also receive an individual payment based on their % Share of the property.  

To remove landlord(s) from a property record

  1. Click Property on the main toolbar
  2. Select the relevant property from Recent & Favourite Properties
    1.  Alternatively, find the property using the Search Properties bar in the top right
  3. Click Property on the side menu
  4. In the Market & Ownership section, the current associated Owner(s) will be displayed. Click X against the landlord you want to remove from the property record
  5. A Remove Owner window appears. Click Yes - Remove this Owner
  6. Click Save

Setting up your Commission/Management fee

Adding the Management Commission and/or Letting Fee on the property record, will generate a commission/fee charge when finalising a let on a new tenancy.  

  1. Click Property on the main toolbar
  2. Select the relevant property from Recent & Favourite Properties
    1.  Alternatively, find the property using the Search Properties bar in the top right
  3. Click Property on the side menu
  4. Click the Agency top tab
  5. Enter the monthly Management Commission percentage and/or Letting Fee for the property
  6. Click Save

Property with an active tenancy

As/If there is already an active tenancy, you will need to set up the reoccurring monthly Management Commission charge.

  1. Click Property on the main toolbar
  2. Select the relevant property from Recent & Favourite Properties
    1.  Alternatively, find the property using the Search Properties bar in the top right
  3. Click Actions
  4. Within the dropdown menu, click Charge
  5. Click Add Commission
  6. The Management Commission % that has already been entered in Agency will appear. Enter the Charge From date (the date must be set to before the next rent receipted date)
  7. Only enter a Charge End date if required. This could be used if the Management Commission is going to change on a specified date. If so, you would add another Management Commission from the next date at the new amount
  8. Click OK
  9. Click Close

When you renew the tenancy, or create a new tenancy, the Management Commission and/or Letting Fee will be generated.

Setting the management type

Setting up the correct management type will ensure the property is in the correct Tenancy Group, giving you an accurate number of properties that are Managed, Let Only, Rent Collection Service, Part Managed, Not Managed and Unspecified.

  1. Click Property on the main toolbar
  2. Select the relevant property from Recent & Favourite Properties
    1.  Alternatively, find the property using the Search Properties bar in the top right
  3. Click Property on the side menu
  4. Click the Agency top tab
  5. Select the Management Type from the dropdown menu
  6. Click Save

 Note

This is for information only and does not have any effect on the accounting transactions

Related articles: 

Initial settings on a landlord

Initial settings on a tenancy

Initial settings on a supplier

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