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Welcome to day 2 of RentCentral BootCamp

It's time to start talking about people.

In BootCamp day 1, we set up a property and recorded some mortgage details.

Today we'll go through the process of adding a new tenancy and viewing tenancy details.

As before, if you get bored and don't want to continue, just unsubscribe using the details below.

BootCamp day 2: Tenants and tenancies

By now you'll probably have your first property setup in RentCentral. If you haven't done this yet, go back and have a look at BootCamp day 1.

Now we're going to setup a new tenancy on our unfurnished property, 5, Westside Drive. Here's the basic details of our (fictional) tenancy:

  • Tenant name: James Richards
  • Tenancy started: 1st March 2013
  • Rent: £645pcm
  • Deposit: £550
  • This is an assured shorthold tenancy lasting 6 months
  • After the AST period, the tenancy will become periodic (i.e. he'll stay on until one of us serves notice) - there's no fixed end date yet

To enter this tenancy into RentCentral, first go to 'Tenancies' on the top menu bar and then select the '+ Add new tenancy' button.

Add tenancy button
  • Select the correct property and tenant from the dropdown box - or use the 'add new' link if they're not listed yet
  • Enter the tenancy start date (01/03/2013)
  • We don't know the tenancy finish date yet, so we can leave it blank
  • This property is unfurnished, so we can leave the 'Furnished residential letting' box blank
  • However, we should tick the 'Assured shorthold tenancy' box, and note the 6-month duration in the box below
  • Once we've added the rent (£645) and deposit (£550) details, hit 'Save' and...

Boom! Your new tenancy has been created

Now you've sorted out your new tenancy, you can start to track deposits and rent payments.

Select 'Tenancies' on the top menu bar and you'll be presented with a list of current, finished and upcoming tenancies.

Select the 'View tenancy details' link on any tenancy and you'll be presented with full details of the tenancy - and using the tabs you can see details of rent payments, deposit balances, rent reviews or important calendar entries that relate to this tenant.

Tenancy details

In addition, you can create, view and print rent and deposit statements for this tenancy, so it's easy to track how much you're owed, and how much you've been paid.

Next steps...

You're RentCentral system is up and firing on all cylinders. Next time we'll look at recording all the money that comes in (and goes out) of your property business.

But for now...

Take a well-earned break. That'll be a mug of tea and two Hob-nobs.
Dark chocolate is our favourite.

See you tomorrow!