Adding Parking to Property Setup and Linking It to Contracts in FalconPro Real Estate Software

Adding Parking to Property Setup and Linking It to Contracts in FalconPro Real Estate Software

Introduction

Efficient parking management is an important aspect of property management for real estate businesses. FalconPro Real Estate Software provides a structured way to:

  • ✅ Set up parking spaces at the property level.
  • ✅ Assign parking to rental contracts.
  • ✅ Track parking fees for accurate financial reporting.

This guide explains how to set up parking at the property level and link parking spaces to contracts in FalconPro.

1. Setting Up Parking Spaces in FalconPro

Before assigning parking spaces to tenants, the parking setup must be completed at the property level.

Steps to Add Parking to Property Setup:

  1. Go to “Property Management” → “Property Setup”.
  2. Select the Building or Property from the List.
  3. Click on the “Parking Setup” Tab.
  4. Enter the Number of Parking Spaces Available.
  5. Assign Unique Identifiers to Each Parking Spot (e.g., “P1”, “P2”, “P3”).
  6. Specify the Parking Fee Structure (if applicable).
  7. Click “Save”.

✅ Now, the parking spaces are defined and available for assignment.

2. Linking Parking Spaces to Rental Contracts

Once parking spaces are set up at the property level, they can be linked to rental contracts for tenants.

Steps to Assign Parking to a Contract:

  1. Go to “Leasing” → “Contracts”.
  2. Select the Tenant’s Lease Contract.
  3. Click on the “Parking” Tab.
  4. Select Available Parking Space(s) from the List.
  5. Specify the Parking Fee and Payment Frequency (One-time, Monthly, Annually).
  6. Click “Save”.

✅ Now, the parking space is linked to the tenant’s contract, and associated fees will be included in financial transactions.

3. Generating Parking Fee Invoices

Parking fees can be included in the tenant’s monthly rent invoice or issued as a separate charge.

Steps to Generate Parking Fee Invoices:

  1. Go to “Accounting” → “Client Invoices”.
  2. Click “New Invoice”.
  3. Select the Tenant and Contract.
  4. FalconPro Automatically Includes Parking Fees.
  5. Review and Click “Generate Invoice”.

✅ Now, the tenant is billed for the parking fees.

4. Recording Payments for Parking Fees

To ensure proper financial tracking, payments for parking fees must be recorded.

Steps to Record Parking Fee Payments:

  1. Go to “Receipts” → “New Receipt”.
  2. Select the Tenant and Related Invoice.
  3. Enter the Payment Amount and Method (Cash, Cheque, Bank Transfer).
  4. Click “Confirm Payment”.

✅ Now, the payment is recorded, and financial records are updated.

5. Tracking Parking Space Assignments in FalconPro

FalconPro provides detailed reports to track parking space usage and assignments.

Steps to View Parking Reports:

  1. Go to “Reports” → “Parking Reports”.
  2. Filter by Property, Tenant, or Date Range.
  3. Click “Retrieve Report”.
  4. Export the Report to Excel or PDF for Review.

✅ Now, parking assignments and revenue from parking fees are easily tracked.

6. Best Practices for Managing Parking in FalconPro

  • ✅ Ensure parking spaces are correctly defined at the property level.
  • ✅ Link parking fees to tenant contracts for accurate billing.
  • ✅ Regularly monitor parking reports for availability and revenue tracking.
  • ✅ Communicate parking fee terms clearly to tenants.
  • ✅ Restrict parking space modifications to authorized users.

7. Conclusion

FalconPro Real Estate Software provides a comprehensive solution for managing parking spaces, ensuring:

  • ✅ Efficient parking allocation.
  • ✅ Accurate billing and revenue tracking.
  • ✅ Seamless integration with lease contracts and financial records.

By following these steps, real estate businesses can optimize parking management and improve tenant satisfaction.

8. FAQs

  1. Can I assign multiple parking spaces to a single tenant?
    Yes, FalconPro allows assigning multiple parking spaces to a single lease contract.
  2. Can I generate separate invoices for parking fees?
    Yes, parking fees can be included in monthly rent invoices or issued as a separate charge.
  3. How do I track available parking spaces?
    Use the Parking Reports section in FalconPro to view assigned and available parking spaces.
  4. Can parking fees be adjusted after assignment?
    Yes, users can modify parking fees through the contract edit section.
  5. How do I remove a parking space from a contract?
    Go to “Leasing” → “Contracts”, select the contract, and remove the assigned parking space under the Parking tab.

9. Important Links