To start tracking income, you first need to add a lease/tenancy to your property. The lease outlines important details such as the tenancy duration, rent frequency, and rent amount. Additionally, you can set up several advanced features when creating your lease, including automated rent reminder emails.
⚠️ Note: You must add the property before adding a lease. If you have enabled the HMO / Multiunit property option, you’ll also need to add individual units before proceeding.
Adding a Lease to your Property
Step 1. Navigate to the properties screen via the left-hand menu
Step 2: Select your property from the list
Step 3. Select the add lease button
Step 4. Enter the Lease details
You must complete the following fields to complete a lease.
Start Date – The lease start date.
Rent Amount – The monthly rent the tenant will pay.
Payment Frequency – How often rent is due (e.g., Monthly).
Payment day - Which day of month will the rent be due (Monthly lease only).
Pro-Rata Payments
Pro-rata payments allow landlords to adjust the rent payment amount for tenants. This can be particularly useful in situations like short-term leases or move-in/move-out periods that do not cover a full rental cycle.
This feature provides flexibility, allowing tenants to make smaller upfront payments and accommodating varying financial situations.
Charge late fees
Late fees can be incorporated into the lease agreement. Late fees will be applied to the tenant if you do not initiate your rent payment before the rent due date. If rent payment is not initiated by the tenant before the due date, these late fees will be applicable.
💡 Tip: Add a Late Fee to Encourage on time Payments
Late fees help set clear expectations and encourage tenants to pay rent on time. They act as a deterrent for missed payments and help compensate for the inconvenience of chasing overdue rent.
Step 5. Scroll down to see the additional features including:
Set Reminders - Lease expiry/ rent reminder/ rent overdue
Additional Information
The following automatic reminders are included for our PRO / PRO PLUS users.
Rent Reminder
Sent to tenants before or n days before rent due date.
You can configure how many days after the due date it should be sent.
Overdue Rent Reminder
Sent after rent becomes overdue to prompt payment.
Fully configurable based on how many days late the rent is.
Step 6. Hit "Create lease" to complete the setup.