Property managers sometimes collect money for filling a vacancy. This fee is often equal to half or all of the rent paid by the tenant in their first month of occupancy. This finder's fee is sometimes called a lease up fee, rent-up fee, leasing fee, commissions or broker fee.
To record a one time commission or finder's fee:
- Navigate to Accounting > Banking.
- Click the name of the bank account you that the finder's fee will be paid out from.
- From the transactions page, click Record check.
- Record a check payable to you, the property manager. Use an appropriate expense account.
What's an appropriate expense account? We find that most folks prefer to reserve the Management Fees expense account for their monthly fee. Create a Commissions or Finder's Fee expense account for this one time fee. This makes it easier to decipher reports at the end of the month
- Click Save.
If you're tracking your management company's books in Buildium, take a second step to deposit the check as income into your company bank account.