FAQ > Automation

How does SimplifyEm.com create Automatic PM fees for you?

A property management fee is the fee the PM is collecting for each property based on rent collections.

Automatic PM fee enables a PM User to enable/disable the automatic addition of the PM fee.

PM User can define the formula for the calculation by specifying the percentage of the rent income. User can optionally add a minimum dollar amount to be charged.

Steps to create Automatic PM fee:

1.Here I have a tenant Jane with an active lease, rent $100,due date: 1st.

To create late fee:

Click on ‘Automate’ on the left side of the page.

2.This will take you to ‘Automation Center’ page.

a.Here check ‘Automatically Create Property Management Fees’ Checkbox

b.Define PM fee formula:

Enter what “percentage” of rental income you want to be used to calculate PM fee.

Optionally you can add a “minimum dollar amount” to be charged.

Ex: SamPM defines PM fee as 10% of the rent income with minimum $50.

c.There is option to activate “Charge if vacant” (checkbox).

If “Charge if vacant” is checked and there is a minimum amount set, the PM fee will be automatically added when tenant is late (rent income = $0 for that month).

Instead, if I check “Charge if vacant” and Jane does not pay rent for Current month(July).

Next month 1st (Aug 1st) $50 min Late fee will be added.

Here I have left ‘Charge if vacant’ unchecked.

3.Click Save.

4.Goto Customize Worksheet and check mark ‘Property Mangement Fee’ under Professional Fees.

5.Goto Property Worksheet.

For Jane,I enter $100 rent for current month(Aug).

$50 PM fee gets added (Since $50 is greater than 10% of $100)

Note:

After the PM formula is activated PM Fee will only be created for new rent collection and not for the ones entered prior.