Many brokerages face challenges when it comes to training assistants to a high standard and tracking performance metrics to build a top-tier property management team. That’s where Hemlane comes in.
Hemlane helps you scale your operations without increasing headcount or headaches. With 24/7 support and streamlined workflows, we make it easy to run your business efficiently.
Here are some best practices to help you get started:
Selecting the right Package
Your rentals should be on one of the following packages: Essential or Complete. You can learn more about packages here: How do I change my subscription package per property?
Inviting your Clients
Invite your clients by navigating to the Your Team tab in the right corner of your Hemlane account. Instructions can be found here: How do I add a team member? (Owners, Leasing agents, admins)
You’ll want to invite every rental owner to Hemlane, and you can select the level of visibility within the platform for your clients. It will allow your clients to add and manage their bank information directly on Hemlane. Your clients needs to add their bank account before you can set up rent collection or get a work order dispatched. This allows for extra security and ensures you don’t need to hold your client’s funds.
We will do the accounting work for repairs for you.
Section 8 Payments
To ensure your clients receive their funds faster, we recommend that these payments be sent directly to the rental owner from the Section 8 Agency. You do not need to act as the middleman here.
Tip: If you have a Section 8 tenant, make sure to adjust the Allocation in the Financials tab to ensure you are taking the correct percentage or amount from the tenant’s share.
Office Checks & Payments
We do not recommend doing any property management payments outside of Hemlane. It leads to incorrect 1099-K reporting, potential for lost or late payments, and offline transactions that your client may not be able to see.
Utilities
During vacancy, your client should have utilities set up in their name. Most utility providers will create a “landlord account” whereby the utilities will automatically go back to the rental owner’s name after a tenant moves out of the property.
When the property is tenant occupied:
- One meter or sub-metered: The utilities should be under the tenant’s name and this should be outlined in your lease agreements.
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Multi-unit without metering: Check your state and county laws as your lease agreement will want to outline whether there is a flat rate based on past usage or some other method to calculate the utilities.
HOA Dues, Insurance, and other bills
Your clients should be able to set up automatic payment on these bills. We do not recommend that you pay these bills on behalf of your clients, as it can lead to more accounting, onboarding, and legal headaches.
If you set up your account with the above processes in mind, you will avoid floating funds or requiring a reserve from your clients.