Understanding Management Fees on LetMC
Management fees allow the system to deduct a pre-set percentage of each rental amount received from the tenant's Rent Account, into the landlord's Rent Collected account.
There are two areas in which you can set up a Management Fee. You will see "Management Fees" against the landlord profile to the left hand ladder - and you may also set one against the tenancy (again to the left hand side, labelled "Management Fees")
Once you click the management fees option to the left, please click "set management fee" in the top right.
When set against both tenancy and landlord profile, please note that the tenancy set management fee will automatically override the one set against the landlord, unless you specify otherwise. It will indicate as such by saying "Property Override"
When you wish to revert it to the fee which you had applied to the landlord profile, you just click the reset fee button (as circled above) to the upper right hand side of the page.
When it says "Landlord Fee" it means it is using the one set against the landlord profile.
You can set multiple lines if you are expecting increases or decreases in management fees percentages. Simply enter the date from which you are wishing to set the revised date and the system will automatically deduct the correct one and the correct time.