Whether you manage for yourself or others, lease to tenants, or have vendors provide service, everything you do as a property manager is governed by agreements. Every dollar that you collect and process, and every action that you take, is related to some form of agreement that you have with someone.
Agreements are the backbone of Harmony, and they’re a big part of what makes Harmony more flexible and powerful than any other property management software.
An agreement always has one or more people (a company can be a person, too), and one or more units, along with the terms and values for the agreement. Once you’ve recorded the data for the agreement (like the rent, or the management fee), you’ll create an agreement form, your template-sourced narrative of the details of the agreement for your tenant(s) or owner(s) to sign, which they can do electronically.
Each agreement then creates an accounting ledger, where you can record all the money in and out on the agreement. This provides tremendous flexibility – you can properly record all the money billed to your owner Jim McDonnell for both the unit he co-owns with his brother, and the unit he owns in a separate LLC with 5 other partners. It’s practically unlimited.
Each agreement can also have addendums and notices; you’ll find yourself using these regularly.
When creating an agreement form, if you have addendums that apply, they’ll be automatically added to the agreement form. For example, you may have a lead paint disclosure for all tenants in units built before 1978. When you create the lease agreement, it will automatically add your lead paint disclosure as an addendum to the lease.
When it’s time to send an agreement notice, let’s say a notice of renewal, the notice will be sent to all the people on the agreement. If the lease agreement has 4 tenants, each one will receive the notice, and each one can sign it with wet ink or electronic signatures, if your notice requires signatures. Each one will also have the notice in their portal documents.
When you have a lease with 4 tenants, each one of them can pay on the lease – either in person to you, or through their portal. When the payment is received, it will be recorded from the paying tenant, against the lease they’ve paid on.
If you have a management agreement with 3 owners, you can easily send their distributions proportional to their ownership – even if they own units in another agreement, with other owners.
When it’s time to view money, you can view anything from anyone. In the above Jim McDonnell example, you can see all of his money for everything he owns, and easily filter to only the agreement where he co-owns the unit with his brother. He can also easily see this in his portal.
All agreements have dates, when they start, when they end, and what happens for renewal. Harmony reminds you when these dates come due. You’ll get a dashboard indication of any agreement that’s ending or coming due for renewal, and you can easily send the corresponding notices. When you view an agreement where something needs to be done (like a termination or a move-in), you’ll be prompted to process the action and it’ll help you with the corresponding money in a wizard.
Managing your lease agreements with tenants, management agreements with owners, and services agreements with vendors may have been a time-consuming part of your management business, but you can put that in the past with Harmony. Your software will now guide you through every part, and allow you to easily keep everything organized and current.