Add a property profile

Summary

Understand more about what each tab means in a property profile.

This article covers:


Create a property

There are two ways of creating Property Profiles in Palace:

  • Owner > Current owners > Search for the owner's name and click on the drop-down arrow next to Edit
  • Click on Add New Property

OR

  • Property > Add property

The new Property screen will appear, and you can select the owner from the drop-down box under the owner tab.

If you haven’t added an owner yet, you may want to learn more about how to add a new owner profile to Palace.

Add a property

When adding a new property there are several fields that must be completed. Those fields are marked with an asterisk. All other fields are optional:

  • Auto-fill - if set to yes, Palace will auto-populate the information entered from other fields. If set to No, you will need to manually enter information into all fields

Property tab

  • Property details
    • Owner* - This is the owner’s name that shows in Palace
    • Unit - Refers to the specific unit or apartment number within a property
    • Street number - Indicates the numerical part of the property's address
    • Street* - Represents the name of the street where the property is located
    • Suburb* - This is important as it is used for advertising. Make your selection from the list. If you do not enter a Suburb, you will not be able to save the page
    • City - Refers to the name of the city where the property is located
    • Postcode - You can look up the Postcode if you do not know it or enter it manually
    • Property name - Name of building or house (not normally used unless it's part of an apartment complex)
    • Grid - Used for sorting your inspections into geographical areas, i.e., Northwest. It’s mainly used for inspections to make sorting them easier
    • Property phone - Mainly for boarding houses or holiday homes
    • Status* - Click on Active from the drop-down list. This information is used in the New and Lost Property reports under the Insights area. (Insights > Properties)

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  • Codes
    • Sort code - You cannot search by Sort Code on the property list as it is listed alphabetically in order by address. This is the same with the User Code

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  • Bank Accounts
    • System - This drop-down is your company's bank account. If the Owner's bank account will automatically populate (If there is more than one bank account, make sure you’ve selected the correct one for this property.) You also have the Split Owner selection if this Property has two separate Owners. You can enter a percentage equal to 100% for how much each bank account will receive at payout

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  • Disbursements Limited
    • Maximum disbursement - This is the amount that has been agreed with the owner that you can spend on maintenance without having to run it past the Owner. I.e., $250.00

    • Enter the amount and turn the status box on

Add a property Disbursements limited.png

Note: If disbursements status is enabled with a limit of 0.00, the property manager needs owner approval for spending. If disabled, there's no maximum disbursement, giving the property manager discretion for maintenance expenses.

  • Commission / fees (excl. GST)
    • Commission (%) - The default commission (Set up in System - Defaults) will automatically fill in these areas. You can override them. All fees are exclusive of GST

    • Maintenance (%) - You can charge a set fee or percentage against the property for a particular creditor. E.g., you may only charge the owner a set fee of $2.00 for Rates. To do this, click on the Edit button next to Maintenance (%)

    • Inspection fee - These feed to transaction areas in Palace if you wish to charge this property for an inspection

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  • Keep Back
  • Dates
    • The Start Date is the date that you picked up the management
  • Date Available
    • Select the option and enter a date to mark a new vacant property. This indicates that the property is vacant and can be uploaded to the web and shown in the available properties report. The field is linked to the tenant screen's end date. When you enter an end date for a tenant and save it, a pop-up box will ask if you want to make the property available. Clicking yes will display the date field for you to select a date.

Add a property Dates.png

  • Building
  • Type - This field will be empty at first to enter your selection.
    • Click on Add new
    • Click Add
    • Enter your description, i.e., House
    • Check the Active box
    • Click Save
    • The item will appear in the Type drop-down
  • Building Group

Add your groups, e.g., Chimney. Any property with a chimney can be linked to this group, and you can then run a report.

    • Click on Add new
    • Click Add
    • Enter your description, i.e., House
    • Check the Active box
    • Click Save
    • The item will appear in the Type drop-down

Add a property Building.png

  • Management
    • Type - Click the drop-down arrow and select Casual, Managed, Commercial or Holiday. (Residential comes under Management)

    • Tenant arrears are only calculated for tenants in properties with manage in the property management type description

  • Group
    • Some of the Statistics and Financial Reports will allow you to sort the report into groups to allow more in-depth reporting. This is ideal if you are a multi-office company. You can enter each of your branches in a group, and then you can run reports on the progress of each office.

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  • Rent details
    • Rental - The rental amount refers to the cost of renting the property
    • Rental period - indicates the duration for which the rent is charged (e.g., weekly, monthly).

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  • Letting Fee
    • Letting Fee Required - You can enter the fee charged for letting the property to a new tenant. It's an additional cost associated with the process of finding and securing a new tenant for the property

Add a Rent Letting fee.png

  • Key Number

This is where you check in and check out your keys. You can also add new keys here when setting up the property.

    • Click on Add new
    • Palace can auto-assign the key, or you can put in your number

Add a property Key number.png

  • Access Details

Alarm codes or anything else that people need to know about getting into the property.

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Publish and Images

These are covered in the following articles:

Options

This is where you will find your insurance information, extended features for Document Flow and user commissions.

  • User Commissions
    • If you have Ledger/Audit authority level, the name of the agent who manages this property will show here. You can add more agents to this property if you wish. You will also see if the agent has a commission percentage loaded against them.

This information defaults from the owner screen but each property does not have to be the same.

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Custom Fields

For you to fill in any customized information that your company may record that Palace doesn't have an area for. Custom fields are configured by going to System > Custom fields > Property.

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Safety

This section is where you enter important details like Smoke Alarms, Asbestos, Hazard information, Safety Switch, Porch Light, Pool, Blinds and Curtains, Water Efficiency, and Fibre Installation. It's crucial for legal compliance and displaying on the Tenancy Agreement.

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Note: You can add a smoke alarm to your property profile, however, for social housing providers, there are some additional steps to consider.

Healthy Homes

The Healthy Homes tab helps you manage healthy home standards such as insulation, heating, ventilation, habitable spaces, etc.

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Notes

The Notes tab holds information specific to managing this property, i.e., notes about appliances etc. This is not the diary area.

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History

This area shows the status history of this property within your company. Also handy for tracking the history of casual properties.

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Street Map

If the property's address has been entered correctly, the Street Map tab shows its location on a Google Street map.

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Market Rent

The Market Rent tab will only be visible for Australian social housing providers.

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