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.
The first thing you’re going to want to do to create a new Property is to click Rentals on the main menu and then click Properties.
Then click the + New Properties button at the top right corner to begin the process.
Step 1 - Type
First, you’ll need to choose a property type. Select whether this property is Residential or Commercial. Each will give you a different set of property sub-types. While this information is mostly for your reference, selecting the correct property types allows you to easily sort your properties later, especially as you grow and your list is long!
Click Next to continue.
Step 2 - Address
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.
As you enter your property address, Google generates autofill options for you to select (if you allow location access on your browser), although it isn’t necessary to choose one. We do this to help ensure the address you entered is valid, as online rental listings will not publish with incorrect or fake addresses.
Step 3 - Units
The next step is to add the Units for your property.
In DoorLoop, Units are the leasable spaces within your property. For example, even a single-family home can have more than one lease if you rent out rooms separately. Each room can be counted as a Unit. DoorLoop accommodates this by allowing multiple units on one property, although only one is required.
For each residential unit, you can enter the following information, although only a Unit Name is required:
Number of Beds
Number of Baths
Commercial units have no need for Beds/Baths, so those are excluded. (If your commercial units do need to track Beds/Baths, choose the Other commercial property sub-type.)
Once you have added all your units, simply click Next.
Step 4 - Bank Accounts
Each Property must have a Bank Account associated with it. It’s fine if you don’t have this information yet and can use the Company Default Account option. (You can read more about creating Property Bank Accounts here.)
If you already have other Bank Accounts entered, you can select the Specify Bank Account option and choose from the drop-down menu which bank account to use with this property.
You will also see the option below for Security Deposits Account. You’ll be asked whether you use a different account for Security Deposits or not. 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 5 - Reserve Funds
This next step is to 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. If you don’t want to set a reserve, select the Don’t Set Property Reserve option.
Click Next to move on to the next section.
Step 6 - 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.
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.