Rent Magic 2.0

Rent Magic 2.0 is a software solution designed specifically for the property management industry. According to the vendor, it provides a range of tools and features to streamline property management processes, including TPA integration, accounting, unlimited users, reports, and batch mode functionality. This versatile software is said to be suitable for companies of all sizes, from small property management firms to large real estate companies. Professionals and industries such as property management companies, real estate agencies, landlords and property owners, commercial property managers, and residential property managers are identified as potential users of Rent Magic 2.0.

Key Features

TPA Integration: According to the vendor, Rent Magic 2.0 seamlessly integrates with Third-Party Applications (TPA) to enhance functionality and streamline property management processes. This integration is said to allow for easy data transfer and synchronization between Rent Magic 2.0 and other software applications used in the property management industry, eliminating the need to switch between different platforms.

Accounting: Rent Magic 2.0 includes a comprehensive accounting module covering GL (General Ledger), Accounts Receivable, Accounts Payable, and Canadian Payroll. According to the vendor, property managers can efficiently manage financial transactions, track income and expenses, and generate various financial reports tailored to the specific needs of the property management industry.

Unlimited Users: Rent Magic 2.0 allows for unlimited users, providing flexibility and scalability for property management companies of all sizes. The vendor claims that each user can be assigned specific access permissions, enabling effective collaboration and task delegation within the organization.

Reports: Rent Magic 2.0 offers a wide range of reports to provide property managers with valuable insights into their properties and financials. According to the vendor, property managers can generate reports such as rent rolls, tenants in arrears, bank deposit slips, tenant ledgers, and rent receipts for any time period, facilitating informed decision-making, financial performance monitoring, and tenant payment history tracking.

Batch Mode: Rent Magic 2.0 includes a batch mode feature that enables property managers to perform repetitive tasks more efficiently. According to the vendor, property managers can enter rent payments, automate rent increases and Last Month Rent (LMR) calculations, send notices to tenants in arrears, and handle NSF (Non-Sufficient Funds) transactions with ease, saving time and reducing manual data entry.

Residential Tenancies Act Integration: Rent Magic 2.0 integrates all subtleties of the new Residential Tenancy Act of Ontario, as well as residential guidelines for all Canadian Provinces. The vendor claims that property managers can confidently handle lease agreements, rent increases, and tenant notices while adhering to the specific rules and regulations of their respective provinces.

Commercial Integration: Rent Magic 2.0 includes a powerful commercial module designed specifically for Common Area Maintenance (CAM) reconciliations. According to the vendor, property managers can create an unlimited number of CAM charges, assign accounts to each charge, specify lease details, set step-up lease information, and generate personalized CAM reconciliations reports for all tenants with just one click.

Powerful User Management: Rent Magic 2.0 offers robust user management capabilities, allowing property managers to control access and permissions for each user. According to the vendor, property managers can assign access to specific buildings, units, types of transactions, and reports, ensuring data security and restricting access to sensitive information.