January 22, 2022
From accounting to work order management to custom reports, Rent Manager is a 360 property management solution that works well for all portfolios, and especially well for larger ones.
Rent Manager is a remarkably adaptable real estate software with integrations to combine all your property management needs into a single desktop or cloud-based platform with mobile apps.
It has tools for residential and commercial property management like double-entry accounting, work-order creation, budgeting, customer service, prospect screening, lease management, plus 250+ built-in financial and property reporting options, and custom report creation.
You might be thinking, “That sounds great, but with so many options and capabilities, what do I need to know to get the most out of Rent Manager?” Way ahead of you—we asked our expert real estate accountants the same question!
Read on to see our top tips and tricks for getting to save time, money, and hassle with Rent Manager.
Rent Manager Services We Love
They offer fast resident screening through AmRent, utility billing and monitoring with rmAppSuite Pro, and seamless connections to platforms like Zego for online payments or Breezeway for maintenance operations. Plus Rent Manager’s integrations with AP solutions like AvidXchange even save time on bank reconciliations.
Design Your Dashboard
Rent Manager’s flexible interface has a handy dashboard view that can be customized to display to-dos, open payments, vacancies, maintenance requests, or whatever your priority is. This versatility is one of the reasons its customizable features and integrations are ideal for larger portfolios.
You’ll Need More than One General Ledger
Rent Manager provides up-to-date account status but requires a GL for each linked bank account. *Remember to create individual ledgers for individual accounts.*
This step is unique to Rent Manager, and a reason our accountants praise its recordkeeping and ability to pull all sorts of reports from different periods.
Keep it Tight and Secure with One User at a Time
Rent Manager’s interface only allows for one user to save information at a time. This extra layer of security is part of the reason RM is so widely used, but it means different users can inadvertently kick each other off of the platform.
Our accountants make a point to communicate across channels when making updates to keep client accounts secure and accurate when saving information.
Make Tax Prep Easy with Organized 1099 Forms
Make sure to click the ‘1099’ box for each vendor transaction requiring a 1099 form so marks each one you upload. That way, when processing end-of-year reports, they’ll be ready to go in January, and synchronized across relevant integrations. Keeping current also saves time when accessing the ‘Vendor Breakdown Report’ allowing easy tracking of AP.
Rent Manager’s template imports 1099 information, but it’s a good idea to upload W9 forms for each vendor and owner.
Assign “Short Names” to Properties to Save Time
Rent Manager allows for properties to be organized using “short names,” a moniker that allows for quick recognition and recall of a unit. This is especially helpful when importing large amounts of information for a particular property. You can create or adopt a naming convention that works best for your organization, e.g., assign a number to different addresses, or a location for different properties.
Our accountants often give a name to a property, and a number to its different units.
Systematize Documents in One Place
To lessen the bookkeeping burden, Rent Manager easily uploads and organizes documents, invoices, and PDFs (for everything from tenant screening to utility submetering) then keeps all your documents in one place and synced across platforms like Google Workspace.
Save Time by Automating Transactions
Like Yardi and Appfolio, Rent Manager’s automation tools are an asset. When preparing reports, Rent Manager’s AI recalls past transactions, allowing you to merely adjust the date or details for general entries, invoices, bills, and receipts.
Easily Receive, Assign, Manage, and Track Maintenance Requests
Tenants can make service requests directly within Rent Manager’s interface, and property managers can monitor maintenance issues, inspections, and meter readings.
Service requests go to a preferred vendor, who uses the Rent Manager app to access tickets and update work orders. This feature allows tracking and visibility from start to finish for PMs, vendors, and tenants. Tenants and PMs can request information or follow-up service, and workers can submit photos, comments, and invoices.
Use the Bank Page to Stay Keep Up to Date
Rent Manager allows real-time cash flow management, whether your property uses cash or accrual basis accounting. This saves time on running reports and allows up-to-the-minute updates on cash flow by automatically syncing with linked accounts.
Get Expert Support with Rent Manager
Rent Manager offers tools and integrations to help property managers be more efficient and effective, but the learning curve and numerous features can be daunting to some.
Our accountants have the property accounting and software expertise to help property managers get the most out of Rent Manager and other leading property management technology. Let’s talk about it!