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Unit ownerships help you structure how funds flow to owner accounts, it is important to take time to set these up correctly as they will power automatic transfers for rent collection and other billing mechanisms.

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Setting up ownership structures

There are two ways to set up the ownership structure for a unit:
  • Create a unit
  • Attach an owner to a unit

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Create a unit with an owner

See the create a unit documentation to see how to create a unit with an owner.

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Attach an owner to a unit

Navigate to the owner you’d like to attach to a unit, then in the Unit ownerships section click New. Choose the unit you’d like to attach the owner to from the Unit list, you can also search for the unit. Once selected, you will see the unit’s current owners if there are any, and the owner you started from will be pre-populated in the Owners list. Use Add owner to attach any additional owners, and set each owner’s percentage ownership. Click Add unit to complete the change.

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Units with multiple owners

When attaching or changing owners, use Add owner to add additional owners and set their payout split. The Total ownership must add up to 100%; use Split equally to divide it evenly across the owners. If you have multiple owners but only one owner receives payments, make sure you set that owner’s split to 100% and the others to 0%.

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Managing unit ownerships

To change the ownership structure of a unit or an owner’s percentage ownership of a unit, you need to initiate a change of ownership. Navigate to the unit you’d like to change the owner for, then either use the overflow menu (•••) and select Change ownership, or click Change owner in the Owners section. You will see the unit’s current owners if there are any. Under New owner, choose one of the following:
  • Account: remove the current owner(s) and set the unit’s ownership to your own account.
  • Landlord owner: assign the unit to one or more owner accounts. Use Select an owner to choose each owner, Add owner to add more, and set each owner’s percentage ownership (the Total ownership must add up to 100%, and Split equally divides it evenly).
When changing to landlord owners, you can also use these options:
  • Carry over previous details: for owners who already own this unit, carry over their bank account, assignee, and delivery details from their previous record instead of resetting them.
  • Property management agreement: optionally create a new PMA for the owners by choosing a contract template.
If a property management agreement is created, the owners will have to be manually activated once an agreement is reached.
Under Ending current ownership, you can control how the outgoing ownership is ended:
  • Ownership ends at: select a future date to end the ownership later. If left empty or set to a past date, the ownership ends immediately.
  • Reason for ending: choose why the ownership is ending, such as Lost instruction, Sold unit, Moved in, Lost negotiation, or Other.
  • Description: optionally add more detail about why the ownership is ending.
  • Send email: optionally notify the departing owner(s) of their notice period by email.
Click Confirm change of owner to complete the change.

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Archiving unit ownership records

Navigate to the unit you’d like to archive the current ownership records for, then use the overflow menu (•••) and select Change ownership. Under New owner select Account, this will remove the current owners from the unit. Click Confirm change of owner to complete the change. When you change the owners of a unit, any current owners attached to the unit will be automatically archived once the change is completed. To view archived ownership records, navigate to a unit and open the Archived tab in the Owners section.

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Owner fees

This section shows the current owner fees for the unit. You can add a Management fee, Tenant find fee, Renewal fee, and a Tax rate to use for these prices. The tax rate can be set to exclusive or inclusive. To modify these details, click Edit.