Note: Regarding setting the date, it depends on the goal. If you want to process all 1st of the month payments through the old Merchant Account - then the transfer should be done a few days after the 1st of the month to give most tenants ability to pay rent.
If you want to process the 1st of the month payments through new Merchant Account - transfer needs to be completed by the 28th of the prior month, to be on the safe side.
Tenants will get an automatic notification that their account has been transferred, with a new login link included. There is no need to re-register.
In cases where the Property Management company or ownership changes and both parties use Property Vista we have made it easy for the data to be migrated.
Step 1: The Property Management company that has the "data" needs to authorize and "send" the building data to the new Property Management Company or Owner.
<IMPORTANT: The transfer happens early that day that is chosen. If you want to run payments through you may want to choose the day earlier. Example: If you want to take over ownership on April 1st and want AutoPay to process April 1st payments then you should set the transfer date to March 31st>
PROPERTIES--> BUILDINGS --> SELECT BUILDING IN QUESTION. From the ACTION Menu select MIGRATE BUILDING. Complete the necessary information to send the data. The Migration Date is the estimated date the building ownership is switching.
Step 2: "New" Property Management Company needs to ACCEPT Import of the data that was sent via EMAIL and assign it the same Property Code as will be setup in Yardi. If the Email was not received, please check the SPAM folder.
Step 3: Add New MID to the property (See here)
Step 4: "New" Property Management Company needs to add the "New" property in question to Yardi and add it to the Property Vista building feed.
Once the system does its daily synchronization it will recognize the same Yardi code that was setup in step two and automatically migrate the appropriate data.
A few items to note:
To assist with the complexity of a building ownership change we have automated several communications that occur automatically with the Migration of a Property.
Please review the full communications and how to edit them HERE
NOTE: Please review the templates accordingly and add any data/reference that may be missing (such as Name and Contact information of Administrator for the new Property)
Registration in Portal:
In this scenario we are assuming the Registered in Portal rights and those permission will be preserved. Tenants are not required to take any further actions and will be sent an email accordingly advising them of the management change.