Property management and leasing can be very time-consuming and complicated for landlords and property managers. Many activities take place, from marketing to the handling of inquiries from potential tenants and processing rent payments. Luckily, tools like Odoo make property rental processes easy and streamlined, saving precious time, minimizing errors, and boosting tenant satisfaction.
In this guide, we'll walk you through a step-by-step process to automate your property rental business, focusing on essential tasks such as tenant management, rent invoicing, and property listing. Follow these steps to navigate the Properties application effectively.
Step 1: Access the Properties Application
You can draft rental contracts, add new buildings, list properties, and create invoices using the Properties application in Odoo. All of this can be done using a single interface for entering all the information, thereby making it very efficient and effective.
Step 2: Add a Building and Properties
You have to add a building before listing the property and making an invoice. Adding a building is done by clicking "+ Building" where you have to input the location of the building, so that you will be aware of the location of the building. After that, it will appear on the Kanban view for navigating among many buildings.
Odoo has eased the creation of your list of properties. You can easily tap on "Properties" through the top bar of the Kanban view. Using the Properties form, you have to fill up the column for the property name and building location together with that of the property address. You can further describe a property and also upload your images and documents directly to the Properties application.
Step 3: Generate a Rental Contract
To draft a rental agreement, you need to generate a quotation by writing the name of the tenant as well as the property which they intend to rent and also the date to start renting. Select your suitable recurring cycle, for example, monthly or yearly. Also ensure that you indicate the date when the plan ends.
Step 4: Adding Products to the Quotation
Another useful feature of the Properties application is that you can add products included with the property. Products may comprise gas, electricity, rental fees, repair jobs, security deposits, and many more. In developing the quotation, input the unit price of added products accordingly.
Step 5: Review and Confirm the Quotation
Once you have clicked the cloud-like icon to save the details, preview the information by clicking on "Preview" so that everything is correct. If something needs to be changed, click "Back to Edit Mode." When you are satisfied with the information, confirm the details by clicking "Confirm." After this, you will have a sales order.
Step 6: Create Invoices
Now go to manage invoices by entering "Properties." You are redirected to Kanban view where you see multiple running contracts. You can choose the running contracts for which you want to generate an invoice and find the button labeled as "Create Invoice". Proceed to create a draft invoice, enter the date, and then click on "Confirm" to generate the customer invoice.
Step 7: Process Payments
If the tenant has paid, then proceed with processing payments. Click on "Register Payment," choose the appropriate journal that is either Bank, Cash, or some other one. Then confirm all the information entered and continue with "Create Payment."
Final: Confirm Every Details
To sum it all, go back to the Odoo Landing Page. From there, click again on "Properties," choose the property that you worked on just now, and review everything one more time.
Further Features of the Properties Application
You can still check if the property is available. This feature gives you the idea of available properties so you can monitor them effectively. It shows properties that are available and schedules them in accordance with the timeline you set.
Lastly, there is an option known as configuration for metering electricity, water, and gas, and also adjusting the prices appropriately to these utilities.
The application will make you observe your several buildings or properties, listed and understand in relation to availability. This approach also allows you to take care of your tenants smooth and efficient. Join this streamlined approach to property rentals at Allied Solutions Xchange.
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