View source for Rental Property Overview

== Creating a rental property ==

== Rental Modes ==


Standout works with three modes of Rental properties classed as Managed:


{| class="wikitable"
|+
!Managed?
!
|-
|No
|In this mode all you are responsible for is to find a tenant for a Landlords property, normally just a fee will be raised for this service.
|-
|Rent Collection
|In this mode you will collect rent from tenants and pass the payment minus your fees to the Landlord and are not responsible for anything regarding the property.
|-
|Yes
|In this mode you will arrange everything concerning the property, repairs, certificates, rent.
|}

== Rental Tab ==
[[File:Picture 1.png|none|thumb|1200x1200px]]

=== Rental options ===
Shared property

Standout can cater for a Shared Property (HMO) and can be configured by part of the system. For an in-depth overview, please see our document “Rental Property HMO Overview”.


Property finance information
[[File:Property Finance.png|none|thumb|900x900px]]

If you have the financial information regarding the property from the landlord, these figures can be stored here:

Mortgage provider information         who the current mortgage is with

Mortgage terms                                  the number of years on the mortgage

Purchase price                                    what was paid for this property

Purchase date                                     when the Landlord purchased the property

Monthly repayment amount              how much the Landlord is repaying on this property

=== Utility providers ===
[[File:Utility Providers.png|none|thumb|900x900px]]


Standout allows you to store the current utility providers that service this property.

=== Inventory ===
[[File:Inventory.png|none|thumb|330x330px]]


If a property has items that within it that the Landlord has agreed that the tenant can use, this section will record those items
[[File:Inventory Details.png|none|thumb|900x900px]]
Please note: You must have a Dropbox or Google Drive account configured if you wish to upload files.


Room              which room is the item in

Item Name      name of the item

Condition        what condition is it in

Quantity          how many of these item(s)

Value               value of the item(s)

Notes              additional notes


Example:
[[File:Inventory Example.png|none|thumb|900x900px]]

==== Inventory print ====
[[File:Inventory Print.png|none|thumb]]
The report will be shown in a new tab in your browser, allowing you to print either onto paper or to a PDF document.

=== Repairs – recording, assigning and invoicing ===
[[File:Repairs.png|none|thumb|900x900px]]
When a tenant contacts your branch to report a repair in this tab you can record the repair, then you can allocate this repair to a contractor. Once a contractor has undertaken the repair, an invoice can then be raised.

==== Adding a repair ====
[[File:Adding a Repair.png|900px|thumb|none|alt=Adding a repair to a rental property|Adding a repair to a rental property]]
This form will allow you to record the repair whilst your tenant in on the phone or in branch:


Contractor type                                a  list of contractors for selection
[[File:Contractor List.png|none|thumb|275x275px]]


Contractor                                         a list of contractors you’ve created, if you haven’t got a contractor entered, you can enter one here                                                        
[[File:Contractor Selection.png|none|thumb|335x335px]]
                                                           By clicking Create contact a new tab will open in your browser


Date reported                                   the date tenant reports the issue(s)

Reported to                                       the staff member logging the report

Date passed to contractor              date the staff member passes to the contractor

Date to be fixed                                date quoted by the contractor

Date fixed                                          date of the actual repair

Contact method                               how did the tenant contact you – phone/visit?

Description of problem                   full description of this repair/issue

Addition staff notes                         any internal staff note

Quoted cost                                      quoted cost by the contractor

Fixed cost                                          the actual cost (if different than the quote)

Send repair to contractor by SMS           Send the details (either creating or editing) to a contractor by SMS (you MUST enter the contractors mobile address) AND have SMS credit

Signed off by tenant / agent           work completed and accepted by tenant


Once this has been saved, you will need to re-edit this repair, to enter additional details, costs, change of contractor.
[[File:RepairNew.png|none|thumb|940x940px]]


===== Updating the repair =====
[[File:Updating a Repair to a rental property.png|none|thumb|600x600px]]
Having chosen (or even amended the contractor), update the repair with any further details such as quoted date, cost or additional information relevant to the repair.

===== Send details to the contractor =====
[[File:Send Details To Contractor.png|none|thumb|527x527px]]
The above is the Master Letter but you can duplicate and amend this letter (Administration/Letter templates). By choosing Email, when you click the Go button, Standout will queue and send your letter by email to the contractor.



Once the repair has been completed, update the repair with the final details
[[File:Update Repair.png|none|thumb|500x500px]]

Click on Save and then Save Property, both saves are required prior to raising an invoice to the Landlord.

===== Invoicing the Landlord =====
[[File:Invoice Landlord.png|none|thumb|500x500px]]
Simply click the Invoice landlord which will then raise an invoice, to view invoices, if you go to Rental Agreements and then Financials you will then be able to see the invoice in the transactions list
[[File:Invoice List.png|none|thumb|900x900px]]


Print an invoice to the Landlord (or Tenant) – for this example we will choose the Finders Fee transaction


Click Actions then Print Invoice
[[File:Print Invoice.png|none|thumb|940x940px]]

Whilst you can select either, it best to use Landlord Invoice for Landlords and Tenant Invoice for Tenants.

===== Printing the invoice =====
[[File:Print Invoice 2.png|none|thumb]]
You can either print the Letter, Email or both, choose your option then click Go. If you’ve configured a file storage provider, copies are stored in the Files tab in the property.

=== Recurring payments ===
[[File:Recurring Payments.png|none|thumb|920x920px]]
These payments generate a payment request to the tenant, and are intended to be used for things like extra car parking space, gardening services, window cleaning etc, automatically applied to active agreements and can be seen in the Financials tab

==== Creating a recurring payment ====
[[File:Create Recurring Payment.png|none|thumb|900x900px]]



Enabled                                               to save deleting payments, Enable or Disable as required

Details of recurring payment              Details of the payment

Recurring amount                               How much is the payment required from the tenant

Frequency period                               How often do you need an invoice raising

Day of payment                                  Which Day (Sunday-Saturay)

Subject to VAT                                    Does the amount include VAT

===== Recurring payment example =====
[[File:Recurring Payments Example.png|none|thumb|900x900px]]

===== Recurring payment example in Financials =====
[[File:Recurring Payments in Financials.png|none|thumb|920x920px]]
To print or email a copy of the invoice to the tenant, just click Actions then choose Print Invoice.

=== Service appointments ===
[[File:Service Appointments.png|none|thumb|920x920px]]
These appointments are an easy way to create a diary appointment when an appliance requires a service, such as a boiler, fire alarm, burglar alarm or anything else.

==== Creating a service appointment ====
If you have logged into Office 365 (click the Login to Office 365 button on your Dashboard), any service appointments created in Standout will automatically be added to your Outlook Calendar. Please note: do NOT edit an appointment in Outlook Calendar but in the Standout Diary.[[File:Create A Service Appointment.png|none|thumb|940x940px]]


Contractor type                                a  list of contractors for selection
[[File:Contractor List.png|none|thumb]]



Contractor                                         a list of contractors you’ve created, if you haven’t got a contractor entered, you can enter one here
[[File:Contractor Selection.png|none|thumb]]
                                                           

Subject of the service appointment   This is the subject line of the email that will be sent

Details of service appointment          Details of the service appointment

Date of the appointment                    When the contractor is required at the rental property

Time of appointment                          What time is the contractor expected at the rental property

===== Service appointment example =====
[[File:Service Appointment Example.png|none|thumb|940x940px]]

=== Rent review appointments ===
[[File:Rent Review Appointments.png|none|thumb|940x940px]]
These appointments are an easy way to create a diary appointment when arranging a rental price review with the current tenant.

==== Creating a rent review appointment ====
If you have logged into Office 365 (click the Login to Office 365 button on your Dashboard), any appointments created in Standout will automatically be added to your Outlook Calendar. Please note: do NOT edit an appointment in Outlook Calendar but in the Standout Diary.[[File:Create Rent Review Appointment.png|none|thumb|940x940px]]


Subject of the appointment               This is the subject line of the email that will be sent

Details of appointment                       Details of the rent review appointment

Date of the appointment                    When the contractor is required at the rental property

Time of appointment                          What time is the contractor expected at the rental property

===== Rent review appointment example =====
[[File:Rent Review Appointment Example.png|none|thumb|940x940px]]

=== Occupants ===
[[File:Occupants.png|none|thumb|900x900px]]
This section is to record those occupants under 18 years of age that may need to be recorded. An occupant can only be added to a property whilst there is a tenancy agreement in place

==== Adding an occupant ====
[[File:Adding an Occupant.png|none|thumb|940x940px]]


Enter their Name, Gender, Date of birth and any notes that need to be stored, clicking Save will either add a new occupant or update an existing one.

== Rental Mode - Fully Managed ==


This document will assume that you’ve created a new property, linked it to a Landlord, placed it on the market and have now found a tenant for said property.


Throughout this process, Standout will offer to create Letters to send to all parties concerned. These will be stored against the property and will allow them to be printed and/or emailed. Side note – all Letters can be amended in Administration / Letters.


Once your potential client has visited the property (Book Viewing) and offers a rental figure, open the property and select the Viewing / offer tab.


You’ll see all the viewings and offers. Select your client, click Make offer (print/email appropriate letter) you will then see
[[File:Viewings And Offers.png|none|thumb|920x920px]]


Click the Accept offer and a warning will appear near the top/centre of your screen
[[File:Accept Offer.png|none|thumb|480x480px]]


You can print/email or both when producing letters, click Go to print your documents for each of the contacts (Standout creates docx documents).


Once complete, click the Back to Property button near the bottom of the screen.


The property is now at the status of “Under offer”


Once under offer and you’ve completed all the necessary credit checks, obtained the deposit from the tenant, you can then create the tenancy agreement.

=== Creating the tenancy agreement ===



SMS text messages can be sent to the tenant, this can be from one to seven days before the rent being due. This option is reliant on one of three configuration settings, a valid email and/or a valid mobile number on the tenant record and SMS credits will need to be purchased, for more information see the Administration Manual and/or the system in Administration / Branch / SMS.


Please see below where to configure these settings in an agreement.
[[File:Property Actions.png|none|thumb]]


Click More actions and then choose the Rental agreements option to continue

=== Agreements ===
[[File:Agreements.png|none|thumb|943x943px]]


If any older agreements exist, they will be listed on the left side of the screen and can be viewed. To create an agreement, all the required information will be on the right side of the screen:
[[File:Agreement Details.png|none|thumb|943x943px]]


==== Agreement Details ====


Within Agreement details, the following information needs to be input:


Agreement Date                     the date the agreement is created

Reference                               a unique reference for this tenancy agreement

Let period                               Weekly/Monthly/Quarterly/Annually/Per 4 Weeks/Per Person Per Week

Initial Period (Monthly)          the amount of time (in months) the tenancy is for (eg: 6/12/18/24)

Start Date                                the date the Tenant moves into the property

End Date                                 the date that the agreement ends

Rolling Contract                      if both Landlord and Tenant agrees to a rolling contract set this option to Yes, otherwise No for the contact to end

Auto Update Tenancy             change the Tenants address automatically from the one

Address                                   entered on the system, with the address of this property.

Let Price                                  the price the Tenant will pay during the tenancy

Bond Price                               the price of the Bond that will be paid and transferred to your Deposit Holding Scheme

Finders Fee                             the amount you charge a Landlord for arranging a tenancy

First Payment Due                  the first date when payments are due

Payment Terms                       the number of days when a payment becomes overdue

Day to pay Landlord               when you are due to pay the Landlord his part of a tenancy Payment

Send a rent reminder             If you choose to send the tenant a rent reminder, you can

Choose between 0 (disabled) up to 7 days prior

Send rent reminder by           How to send the reminder – Disabled / Email / SMS<sup>*</sup>

Tenancy deposit Scheme        which scheme you have signed to

Deposit Scheme reference     reference for this bond payment

Additional Clauses                  any addition clauses that may be outside of the written

tenancy agreement


Note – Rent reminder emails can be customised by go to Administration/Email templates and duplicate the master version for your own agent version.


<nowiki>*</nowiki> SMS messages will only be sent if there is sufficient credit on your account (to check this go to Administration / Branch / Branch Name then the SMS tab

==== Initial Inspection Visit ====
[[File:Initial Inspection.png|none|thumb|943x943px]]



If you have visited the property prior to this can be recorded here.

==== Guarantor ====
[[File:Guarantor.png|none|thumb|943x943px]]



If you require a tenant to provide a guarantor, once you’ve added their details into the system, you can start typing their first name will appear in this area to link to this agreement.

==== Fee details ====
[[File:Fee Details.png|none|thumb|943x943px]]



This is the amount you take from the rental amount to pay for your services. This can be a fixed amount or a Percentage. Fees will be applied on either the due date of the tenants payment or when the tenant actually pays that periods rent.


Staff details
[[File:Staff Details.png|none|thumb|943x943px]]


Select a member of Staff to enter all diary appointment and reminders to. This does not have to be the member of staff creating the agreement.


=== Meter readings ===
[[File:Meter Readings.png|none|thumb|943x943px]]

====  Start of Tenancy ====
Compete all those know fields prior to the tenant moving in, if you have that information to hand.

==== During Tenancy ====
Throughout the tenancy you can add meter readings, click the Record readings button. Then choose the date the meter readings were provided by your tenant. You must enter at least 1 meter reading for the information to be recorded. They can be either Gas, Electricity, Water or Oil. Once you have entered at least one set of meter readings, all readings will be displayed in a table. Should you enter the wrong information, you can delete those details by clicking and confirming your deletion request.

Once all the information has been completed, click Create agreement

=== Creating the Tenancy Agreement ===
[[File:Create The Tenancy Agreement.png|none|thumb|943x943px]]
Upon successful creation of a tenancy agreement the system will take you to the Letter section. There will be a selection of pre-defined and user-defined letters available. Prior to using the system, we recommend that you create agency specific documents, especially tenancy agreements.


The default (Master) documents are:

           Assured Shorthold Tenancy Agreement

           Assured Shorthold Tenancy Agreement – ROOM

           Rental Agreement

           Standing Order Mandate

==== Rental Agreement (Master – example) ====
[[File:Rental Agreement Letter.png|none|thumb|510x510px]]



Click Go to create the documents (they will download to your computer)

Click the Back to Property button and all the created documents will be placed in the Files linked to this property.

=== Financials ===
[[File:Financials.png|none|thumb|940x940px]]
You will see two transactions, an invoice to the Landlord for the Finders Fee and a Bond request for the Tenant pay.

==== Bond payment ====


The first payment to be registered on the system, is the Tenants payment of their Bond
[[File:Bond Payment.png|none|thumb|940x940px]]

Direction                     From a Tenant/Landlord

                                   To a Tenant/Landlord

Party                           Landlord/Tenant/Other for tenant

Payment Method        Cash / Bacs / Cheque / Card

Payment Type             Rent / Other / Bond

Amount                       Amount being paid

Date                            Date of the transaction

Reference                   Reference of the payment (free form text)

Description                 a free form description of the transaction
[[File:BP2.png|none|thumb|943x943px]]


You will see that the system has automatically assigned the Bond payment to the Bond request and is marked as Paid.


The current status of our tenanted property now shows the Financials as
[[File:Financials After Bond Payment.png|none|thumb|943x943px]] 

We explained earlier in this document how to create an invoice (and a recurring invoice) to the tenant and the landlord, they now show as unpaid. In our scenario (which will probably never occur – but, so that we can show transactions in this document) is that the tenant received keys, started to move in and then subsequently lost them, the Landlord agreed in good faith to pay half so we have raised an invoice to the Landlord for £100 for the contractors fee and then an invoice to the tenant for £50 as they split the bill. 


==== Tenant Rent payment ====


We will record a payment of the Tenants first month’s rent on the 10/04/20 within the Bulk Payment section – for how to do this and see how to use Bulk Payments, please see the Bulk Payments Document. We also paid the outstanding tenant invoice for the locksmith.
[[File:Tenant Rent Payment.png|none|thumb|943x943px]]

Our tenant does not owe any monies as all payments, rent due and invoices have now been completed.

==== Landlord payment ====
Depending on how you have configured the agreement, the payment to the Landlord will either be due now, or after a number of days (we configured it for 2 days from receiving payment). In our example, the Landlord is now due a payment of £247.87.
[[File:Landlord Payment.png|none|thumb|943x943px]]


==== Financials statement ====
[[File:Financials Statement.png|none|thumb|943x943px]]
The financials statement shows that all parties are even (no payments due) but, two invoices show that they have not been paid. As this is incorrect, simply choose Actions and click “Mark paid” to both of them
[[File:Financials Statement2.png|none|thumb|943x943px]]
Now all figures and financial lines are correct.


==== Landlord statement ====
Should a Landlord with to obtain a statement from you, all you need to do, is choose from the following
[[File:Landlord Statement 1.png|none|thumb|368x368px]]

Select the chosen Date range and click Generate statement
[[File:Landlord Statement 2.png|none|thumb|943x943px]]

You can then either Download Statement or Email PDF to contact depending on your requirements.

=== Emailing all tenants ===
When editing a Shared property (HMO), you can now email all the tenants with a current agreement. Simply click More actions and then Email all tenants button
[[File:Email All Tenants.png|none|thumb|940x940px]]


Simply add a subject and email body, click Send email and all tenants that have supplied an email address will receive the email. This could be used when tenants need to be informed of communal area repairs or disruptions.

= Rent Reminder Email Template =



To amend the template, go to Administration / Email Templates tab

When customising your own email, ensure that you click the “Duplicate” button before editing, once you’ve completed your changes, click “Save email”.

You can change the wording of this email, but you must ensure that you keep the field names within {} the same, otherwise, the system will not replace them correctly for your tenant details.