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Setting up a shortfall payment in Propoly

How to set up a Shortfall Payment in the Propoly platform when the Tenant's referenced affordability will not cover the entire rent.

Updated over a year ago

How to adjust the Payment Schedule for Tenants

As an agent, you may occasionally encounter situations where an applicant's referenced affordability is only very slightly less than the required amount. In these cases, the tenant may be able to make a shortfall payment at the start of the tenancy, and then pay reduced payments in line with their affordability throughout the term of the lease. You can easily set up a shortfall payment in Propoly by following these simple steps:

Step 1: Go to the "Edit Deal" button

First, use the search bar and navigate to the deal that needs to be adjusted. Once you have located the deal, click on the three dots above the "Deal End" date, and click the "Edit Deal" button on the drop down that appears.

Step 2: Scroll down to where it says "Payment Schedule"

Once you are on the deal page, scroll down until you see the section labelled "Payment Schedule". This is where you can make changes to the monthly rental payments.

Step 3: Click on "View Schedule"

Under the "Payment Schedule" section, you will see a button that says "View Schedule". Click on this button to view the current payment schedule for the tenant.

Step 4: Click on "Adjust Payment Schedule"

After reviewing the current payment schedule, scroll to the very bottom of the new window that has opened up and click on the "Adjust Payment Schedule" button to make changes.

Step 5: Adjust the monthly rental payments to be the tenant's maximum affordability

In the payment schedule editor, you can adjust the monthly rental payments to match the maximum amount that the tenant can afford. Simply type the tenant's maximum affordability into each of the scheduled payment boxes.

Step 6: Add the total amount of the shortfall to the "Move in monies" field in the payment schedule screen.

To account for the reduced monthly rental payments, you can increase the "Move in monies" to include the rental shortfall amount as well as the first month's rent. This will ensure the the tenant is only paying what they can afford on a monthly basis, and that the Landlord still received all of the rent they're entitled to.

Step 7: Click "Proceed"

Once you have made all the necessary adjustments, click on the "Proceed" button to save the changes. The new payment schedule will now be reflected on the deal page and the draft AST.

Congratulations, you have successfully adjusted the payment schedule for your tenant! If you have any further questions or concerns, please don't hesitate to reach out to our customer support team for assistance.

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