Commercial Rental Unit Tracker
Record important information on all of your rental units
The Commercial Unit Tracker component contains information about each of your rental units including a Unit Identification (1), and its street Address.
There are many other things you can keep track of such as a Unit or Building Type (2), and the Manager's name (3).
You can add as many photos of the unit as you want by clicking the Photo button above field (2).
Each unit can have one or more Tenants (4) assigned to it. The Base Rent (5a) is calculated based on either Rentable or Usable area (5b) times the rates you assign (5c).
When you choose a Lease Type (6), certain expenses will be automatically added to the monthly rent.
To create a new Commercial Unit Record, begin by clicking the New button (7).
You can print out all the information about your units by creating a Unit Report (8).
After clicking the New button, a Rental Units window appears. In this software, a unit is any individual building or part of a building that you rent. Buildings are just collections of unit records.
If you have building with multiple units, you first need to click Add Building (1) and then add Units to it.
To add a Unit to a Building, click the name of an existing Building and then click Add Unit (2). You will be asked if you want to add one or More than one units to the building.
If your units are sequentially numbered (ie, 1,2,3,4,5) then you can use the More than one feature. If they are not sequential or have alpha designations (ie, 1a, 2b, cottage, etc.) then you must choose the Just one button.
If you choose the More than one feature, you will be asked for the number of the first and last unit in the building. You will next be asked for the street address, which will be appended with the apt or room number and entered into the first line of the Address field.
If you choose the Just one option, you will only be asked for the name of the new unit.
To add a Unit that is not part of a Building, make sure there is no building selected in the Rental Units window and then click Add Unit (2). You will be asked for the name of the new unit. Use an abbreviated form of the address (ie, 1234 Main) or a nickname.
We suggest you create all unit records first and then assign Units to the Commercial Tenant Tracker records as you create them.
Enter the total area of the building into the Building Sq. Ft. field (2a) and the useable area into the Useable Sq. Ft. field (2b). (Sq. Ft. can be changed to Sq. M. in Preferences.)
Next enter the total common area of the building into the Com. Sq. Ft. field (2c).
Other fields include Zones (3a), Roof type (3b), Foundation (3c), Walls (3d), Heating & A/C Type (3e), and Lighting (3f).
Keep notes about Reconditioning Details (4) and a Description (5) of the property here too.
There are three options to indicate if you will Build to Suit (6a), Sublet (6b), or provide an Option to buy (6c).
At the bottom of the screen is a Primary Unit option (7) with a Go To button (8) next to it. Each building, whether it is just one unit or many units, should have (or be) a Primary Unit.
In the Assets section (1) you can list all the assets (furniture, appliances, etc.) that belong to the unit in the Assets for this Unit field (2). Many details about the assets are stored in Asset Tracker.
You can create new Asset Tracker records from here by clicking the Add Asset button (3) or create assets in Asset Tracker and then click the Update Assets button (4), which will update the asset lists for the one unit or all units.
The Expenses section(1), contains information about what expenses, utilities & other charges, taxes and insurance will be paid by the tenant.
When you choose a Lease Type, certain Expense types are added to the Expenses to be paid by Tenant (2) field. Additional lines can be added to this field in Commercial Tenant Tracker.
When you add Utilities & Other Recurring Charges to a record in Commercial Tenant Tracker they are also added to the Utilities & Other Charges (3) field in the Expenses section.
You can indicate who the Property Taxes are paid to (4a), the Amount Paid per Year (4b), the next A/C Service Date (5), who your Liability Insurance is Paid to (6a), the Amount Paid (6b and if you pay Per Year or Per Month (6c).
You can also choose if you want the Expenses (7) or Utilities (8) Distributed among all the Units or if they each will pay separately.
The Notes/History tab (1) shows the Notes field (2) where you can keep any information about repairs, unit condition, etc.
The Show Unit History button (2) displays a list of all the tenants that have occupied the unit and the date they moved in.
The Unit Cost tab (1) shows the Purchase Date (2a), Purchase Price (2b), and cost of any Reconditioning (2c).
You can also keep track of the Amount Financed (3a), Interest Rate (3b), Loan length in Months (3c) and how many months there are Left to Pay (3d).
By entering this information plus the Payment (3e) amount, Balance Due (3f) and Maturity Date (3g) you can easily add mortgage payments by clicking Add Payment to Expense Tracker (6)
You can also record the Sale Date (4a), Sale Amount (4b), and Market Value (5). This last field is used to calculate the owner's equity.
The information on this tab can be password protected by clicking Password Protect (7). You will be asked for the password whenever you click the Unit Cost tab button (1).
Two of these fields (3d & 3f) are automatically updated when you click the Add Payment to Expense Tracker button (6).
The Ownership tab (1) is divided into three sections. The first is the Overview (2a) section which shows all Owner(s), their % of ownership, total Contributions, total Distributions and Equity (2b) calculations.
Click the Add/Select Owner(s) (2c) button to add one or more owners along with their percentage of ownership. Add at least one owner for each unit.
You can change the Terminology for reports (3) from Owner to Partner, Investor or Member at the bottom of the screen.
There is a preference option that allows you to choose if you want to Always Go To the Primary Unit (4) when you click Unit Cost or Ownership. This way all information about a building only needs to be entered on one record.
The second section of the Ownership (1) tab is Show Contributions (2a). This is where you can keep track of the Date, Amount and Method (2b) of each owner contribution (ie, payments).
Click Add Contribution (2c) to choose an Owner and specify a date, amount and method of payment.
The third section of the Ownership (1) tab is Show Distributions (2a). This is where you can keep track of the Date, Amount and Method (2b) of each owner Distributions (ie, disbursements).
Click Add Distribution (2c) to choose an Owner and specify a date, amount and method of payment.
In the Tenant section (1) there is an Add/Select Tenant button (2) that presents a list of Business Names from Commercial Tenant Tracker.
When you choose a name from the list, it is added to the Tenant field (2a), along with the Rent Due Date (2b) and Lease Expiration Date (2c).
You can add multiple tenants to a unit by enabling the Multiple Tenancy option (3).
Click the View button (4) to go directly to the Tenant's record.
After creating a receipt in Rental Income Tracker the total of Expenses Paid Last Month field (5a), the Utilities Paid Last Month (5b) and the Total Rent Paid Last Month (5c) fields are filled in.