Overview

Whether you're just getting started with DoorLoop or your business is expanding and taking new properties under management along the way, we're here to help you grow your portfolio.

DoorLoop allows you to add a range of commercial and residential properties, from condos and single-family homes to retail stores and parking lots. Whatever you manage, we'll help you run it. You can add your current existing properties and in the future, add any new properties you may be managing.

The Steps

Step 1 - How to add a new property

To create a new Property, click Rentals on the main menu and then click Properties.

Next, click the + New Properties button at the top right corner to begin the process.

Step 2 - Add a Property Type

Step 1 has you selecting a property type. Select whether this property is Residential or Commercial. The select a sub-type that best describes the property. While this information is mostly for your reference, selecting the correct property types allows you to easily sort your properties later.
Click Next to continue.

Tip: The property type can be changed later if you select the wrong type.

Step 3 - Address

The Property Address section is where you will enter the address of your property. As you type, the autofill option will appear where you can choose to use any of the suggested addresses. We do this to help ensure the address you entered is valid, as online rental listings will not publish with incorrect or fake addresses.

Tip: DoorLoop sorts your property list in numerical and alphabetical order. By default, your property name is the same as its address, but you can change the property name later if you’d like.

Step 4 - Units

After entering the property address, the next step is to add the Units for your property.

What are Units?
Units are the leasable spaces within your property. This can be a home, rooms within a home, apartments, etc. DoorLoop accommodates this by allowing multiple units on one property, although only one is required.

For each unit, enter the Unit Name, Number of Beds, Number of Baths, Size, and Market Rent, although only a Unit Name is required.

Click + Add Another Unit to add multiple units to the property.

Once you have added all your units, click Next to continue.

Step 5 - Bank Accounts

Each Property must have a Bank Account associated with it. Select Use Company Default Account if the property will be using your default operating account or if you don't have a bank set up for it yet. (You can read more about creating Property Bank Accounts here.)

If you already have a specific Bank Account for the property, you can select the Specify Bank Account option and choose it from the drop-down menu.

Next select whether or not there is a separate Security Deposits Account. If you use a different account, select Yes. You’ll see a drop-down menu to select the deposit account or create a new one. If you choose No, you’ll have nothing else to do.

Click Next to move on to the next section.

Step 6 - Reserve Funds

For Reserve Funds, specify whether or not to maintain a minimum balance (“Reserve”) for your property. Setting a property reserve tells DoorLoop to make sure there are always sufficient funds in the bank to cover expenses when making bill payments.

If you select Set Property Reserve, you’ll need to set a Reserve Funds Amount. Otherwise, select the Don’t Set Property Reserve option.

Click Next to move on to the next section.

Step 7 - Ownership

DoorLoop lets you specify owners for the properties you are managing. Whether you are managing your own properties or managing properties for 3rd parties, adding owners will automate your distributions and 1099 tax forms.

If you own the property you are creating, simply select the option Owned by Me. There will be nothing else for you to do aside from that.
If you are managing a property for a 3rd party, select Owned by Someone Else. You'll be given the option to add one or more owners. You can either select from your list or create a New Owner. Note that Starter accounts do not have access to adding Owners.

Tip: Ownership % should equal to 100 if you have more than one owner. Otherwise set the Ownership to 100% is it just one owner.

Your final step is to hit Finish and you’re all done creating your new Property.

Congratulations! You have added your property and units and can now begin managing them in DoorLoop.

What is Market Rent?

Market rent is the amount a landlord might reasonably expect to receive, and a tenant might reasonably expect to pay, for a tenancy. It needs to be similar to the rent charged for similar properties in similar areas. More information about Market Rent can be found here.