Masterkey Blog

What’s changed with Payments?

A number of changes to Payments and Receipts have just been released, the most interesting of which are updates in invoices, reconciled payments and history of changes.

‘Payments’ has been renamed ‘Invoices (Payments Due)’

We had change the terminology to make sense of the new features and to keep in line with accounting standards. An Invoice is in reality a payment that is due, which will eventually be reconciled with a payment that is received. An Invoice now actually looks like an invoice, with any payment received clearly marked on the right and due totals showing below.

Generate a Receipt from inside an Invoice

You can still generate a single Receipt for Multiple Invoices from the main invoices page. We have added a new ‘Add a Receipt’ area within an individual Invoice too - which is where most of the magic happens.

See the full history of changes made to a particular Invoice

All changes to an invoice (for e.g. when it was created, what payments were received against it, when one of the payments bounced, etc.) are fully tracked and displayed in the new history section at the bottom of the invoice. This has been a popular request from users and something we’ve been meaning to add for a while.

Bounced and Returned Cheques

You can now mark payments as bounced, and replace previously bounced cheques with new ones, maintaining a full audit and reporting trail in the process.

Reconciled / Unreconciled Status

By default all receipts are marked as reconciled, meaning that the system assumes they have cleared. If you want to track the bank clearing process as well, then you can set up so that receipts get marked as unreconciled (or not yet cleared) when a cheque is received, and then later reconciled when the funds are actually received.

Payments Reporting

You can now also run reports on which cheques have cleared, which ones haven’t and which ones need replacement. Combine that with our Report Builder and you can build practically any payment report you can imagine.


Masterkey Evolved

Masterkey 4.8 rolls out a host of upgrades and the most notable is by far the evolved interface! It not only improves the way you get around the application, but has been carefully crafted to give you a whole new experience and feel. Our designers have smoothed out the rough edges and  embedded many user interface tweaks that you’ll love.

Happy clicking

We’ve halved the number of clicks it takes to get around, resulting in a system where you can get anywhere in one or two clicks. The new tab layout immediately indicates where you are and remembers the last module you’ve used, making sure your most frequently used tabs are right where you need them.

iPad-ified

Masterkey 4.8 works perfectly on your iPad. Units and Contacts open in their own tabs with easy access to information. Two finger scrolling is enabled and works just how you'd expect it to. In Property Management and Short Term Rentals, the tabs automatically adjust to accommodate all zones.

Fastest gun in The East

Adding information is now easier than ever with the Quick Add button. Add a Contact, Lead or Activity from any module, anytime.

You’ve got message!

Messages (previously called Alerts) now clears when you view them - you’ll know if there are any unread messages from a glance on any screen.

The Perfect Hit

In several areas across the application buttons and checkboxes have been given larger hit areas, making it easier to select with a mouse and much easier on an iPad or a tablet.

An eye for consistency

All actions are relocated to the top right of each page, allowing you to gain easy access. Using actions quickly becomes a learned muscle movement. Links are the consistent blue and the weight on the page has been brought down to highlight more important elements on the page.

Need more space?

Collapsing the sidebar can help give you more space to read data in the table view and scroll through information. The hit area has been increased and it is now possible to click on with an iPad or tablet.


How Masterkey evolved over the years

Remember how Google looked when it first launched? Yeah, we were better.

 

2001 - 2002: V1 of Masterkey

If you’ve seen this design before it means you were in real estate before freehold property existed in Dubai. You should be a millionaire... or be an employee of Masterkey.

 

2002 - 2007: Feeling Blue?

Pablo Picasso isn’t the only one to have had a Blue Period.

 

2007 - 2009: Gradients Galore!

Rounded edges, gradient backgrounds, jewel-like tick boxes… this interface had an image for every pixel.

 

2009 - 2013: The Minimalist

We went flat before flat was in fashion. That’s right, we set the trend back in 2009. No... it had nothing to do with removing all images to speed up the application on slow connections.

 

2013 - Now: The Refined

Masterkey Evolved. To be unveiled on 6th Oct 2013, so stay tuned!


Hide unit number or mandate payments?

While still actively working on some of our bigger projects (in particular, improved navigation and report builder) we’ve just sneaked in two new features we’ve been working on. The first one we’re calling Hide Unit Number which, you guessed it, allows you to hide the Unit Number from other Agents. The second new feature is called Mandatory Payments.

Here’s how they work

Hide Unit Number - is an option to hide the Unit Number when viewing a Unit, searching in the Unit Zone or running reports, so only the Listing Agent can see it. We’ve seen this works well in some companies and can help improve trust in the system and encourage agents to post more Units.

Knowledgebase: How to hide Unit Numbers between agents


Mandatory Payments - allows you to set selected fields as “required” for a reservation. For example, you may want to require to input the Rental Payment when reserving a Unit. If the Rental Payment is not entered, you will not be able to complete the reservation.

Knowledgebase: How to set mandatory payments


New responsive email template for mobile devices!

Have you ever viewed a unit card on your mobile phone? Did you have to zoom in to read the text? We’ve release a new unit card template that is optimized for mobile and automatically resizes based on the mobile device you’re viewing it from. Mobile-ready unit cards are going to be one of the most effective marketing tools available to you.

 

Available now for everyone

We've now enabled this for all users. You can find this templete in Masterkey under the name "Mobile Unit Card". Open the Unit File, and simply click on Send Unit > Mobile Unit Card


Release Notes (Q2 2013)

Version 4.5.45.48 (30/06/2013)

  • Support Access upgrades have now been lived for beta testers.
  • We now have a customization frame work to control the visibility and mandatory of fields per group in contact and lead files.
  • Small enhancements in new add lead panel.
  • Major improvements in report builder functionality.
  • Improvements to new add activity panel.
  • Bug fixes and minor enhancements to improve the speed efficiency of the system.

 

Version 4.5.44.33 (16/06/2013)

  • New: You can now control the access of any user on switching ON/OFF rotation.
  • New: Automatic Rent Calculation is now available for leasing and property management.
  • Smart Sidebar: Portfolio name and Portfolio Manager are now available in the column selection list for property management.
  • You can now search portfolios based on listing agent of the unit.
  • Add lead (Beta): Action field is now available in the new add lead panel and several small enhancements.
  • Improvements based on customer feedback in the new add activity side panel.
  • Several bug fixes and small enhancements.

 

Version 4.5.43.31 (02/06/2013)

  • New: You can now restore back the status of a leased unit if it is reserved or set upcoming for a short period of time.(Beta)
  • New: Matches are now available for the countries that do not use rent per year budgets.
  • Corrections have been made in the activity email notification.
  • Corrections have been made in "Support Access Upgrades" to improve the usability and security level of data. (Beta).
  • Several improvements to the new Add Activity, Add lead and Report Builder tool.
  • Bug fixes and small enhancements.

 

Version 4.5.42.43 (19/05/2013)

  • New: The contact files are now checking duplicates for all number fields where mobile is selected.
  • Contact look up is faster.
  • Location auto complete is now becomes more faster.
  • Small improvements have been done to make the application compatible with IE 10.
  • You can now select "Rotation List" and "Show All" for referred to list on lead side panel.
  • Small enchantments and several bug fixes.

 

Version 4.5.41.31 (06/05/2013)

  • New: Refresh link is now available in unit files to quickly search landlord/Seller.
  • Upgrades to contact look up.
  • Upgrades to smart side bar report.
  • Small enhancements to Add activity and Add lead side panels.
  • Several bug fixes.

 

Version 4.5.40.19 (21/04/2013)

  • Improvements to the add lead panel.
  • Improvements to the add activity panel.
  • Small fixes on report builder.
  • A new field has been added on the sold unit summary report labeled "Leased".
  • Leads added during transaction are now showing up on mailing list.
  • Several bug fixes and small enhancements.

 

Version 4.5.39.23 (07/04/2013)

  • Modifications in Add Lead and Add Activity.
  • Contact Look up and Add contact option is now centralized.
  • New columns have been added in the listing magazine report.
  • Small enhancements in the smart sidebar reports for split modules.
  • Bug fixes and minor enhancements to improve the speed efficiency of the system.

 

Version 4.5.37.27 (10/03/2013)

  • Now you can track the change made to a unit along with its appropriate module through transaction history of unit.
  • The smart sidebar is now further optimized.
  • Gmail/Exchange integration has now been optimized.
  • Minor changes to the Smart Sidebar functionality.
  • Several bug fixes and small enhancements.

Save time by having the Contract Rent calculated for you!

Great news for Leasing Agents and Property Managers. Automatic rent calculation is now available via Contract Rent - a new field which calculates the total rent, in the case that Contact Term is less or more than a year. This will be very useful especially in the following scenarios:

 

Short term extension of the Contract

 

The Tenant’s one year contract just expired, but the he wants to extend it with another three months. Previously, you would have to change the Annual Rent field to reflects this extension, which is not be best way to deal with this, as it will impact your reporting and unit status. 

 

Solution: By using the Contract Rent field, you can renew the lease for another three months without changing any numbers. Simply set the new Lease End Date and the rent due with the extension will be calculated automatically.

 

Contract spanning multiple years

 

For example, if you’re creating a New Lease over two years with the Annual Rent of 120,000, you would previously have to change the Annual Rent field to reflect the total amount of rent due over two years (240,000) to be able to arrange payments over the period.

 

Solution: Now you can keep Annual Rent the same, as Contract Rent will automatically calculated to show 240,000 as the total rent owed over the term.


New: Restore Previous Status for Leased Units

We’ve introduced a new feature that will help you in case a Tenant changes mind about renewing a lease. Two scenarios apply to in this situation:

  1. Tenant sends a notice of non-renewal of the lease, you change the status of the Unit to ‘Upcoming”, and then Tenant changes mind and decides to renew the lease anyway.
  2. Tenant agrees to renew the lease, you change the status of the Unit to ‘Renew reserve’, and then Tenant changes mind and decides not to renew the lease anyway.
To proceed in these two situations, you previously had to go through several transaction steps before you could arrive at the desired Unit status. We’ve now added a new feature for these situations, so that you can restore the previous status of the leased Unit with just one click.

Where do I find this feature?

It made sense to place this button in the Unit history, because you want to go back to the last status in the Unit history.

 

1)History button  2)Restore previous status button  3)Current status:Reserved  4)Previous status:Leased

How do I get this feature?

The button is controlled by your User policy, so you need your System Admin / Manager to give you access first. Once enabled, this button is will only show for:

  • Units which have been converted from ‘Leased’ to ‘Upcoming”. 
  • Units which have been converted from ‘Leased’ to ‘Renew Reserve’.

What do I need to know before doing this?

  • The unit will be restored in the previous lease status with all the transaction details attached including Tenant details, contract, payments, receipts and invoices.
  • Payments will be restored with the same payment status i.e. Paid or Unpaid.
  • A new entry will be added to the Unit history about restoring previous status. 
  • There will be no changes on the Landlord Lead when you set the Unit status as ‘Upcoming’ or ‘Renew reserve’.
  • After restoring the previous status, the Unit will show the Tenant and Landlord Leads in closed status as it was closed due to the transaction.  

Emerging signs of uptick from the Abu Dhabi property market



The Tourism Development and Investment Company (TDIC) in Abu Dhabi recently announced the release of plots on two major districts in the Saadiyat Island. The Marina District will host New York University Abu Dhabi next year and the plan for the surrounding plots includes a range of investment opportunities such as retail outlets, commercial and residential projects. The Beach District also had plots released in the sb17 cluster for residential use.


This signals a very welcome uptick in demand for Abu Dhabi real estate. Ahmed Al Fahim, the executive director of marketing, communications, sales and leasing at the company, said “We have seen that there's been a significant improvement in Abu Dhabi's real estate market, which has brought back confidence to the investment sector”.


Masterkey is proud to support TDIC with Sales / Leasing Management software and Developer Masterplans for the Saadiyat Island, making it possible to handle a growing number of transactions in the near future.


Source: The National



Now Buy / Sell properties on The Moon!



[UPDATED April 2, 2013: April Fools' ]

As the demand for hot (figuratively) lunar properties soar, we’ve experienced a big increase in transactions related to lunar projects. Some of our customers started selling plots and properties in the Southern Hemisphere towards the end of last year. Projects like CraterView Villas, Apollo Land Residenze and the much hyped master development White Dust Marina are especially getting a lot of buzz. Even the planned Full Moon Resort & Golf Course is getting major investor attention because of its unique characteristics - It’s full moon all year round. The course features a very unique design with its Par 72, 21,500 yard Championship layout. As Project Sales Manager, Majid Sewrani explains: “With low gravity you can easily hit 750 yards and feel like the king of the world, or you know what I mean, but the really fun part is high-jumping your way to your next shot.”

Developers offering major incentives

You thought giving away luxury cars and yachts were big incentives to purchase top tier properties on Earth? Developers are set to offer 3-person spacecrafts for buyers of Lunar Circle Villas. “What do you need a Lamborghini for, does it fly? No, this is what a good added-incentive should be like” says broker Melroy Lauritz, SpaceTipi Homes.

Lunar properties in Masterkey

We’ve extensively relied on Google Maps for our location structure in numerous countries around the world, so it’s only natural that we continue implementing Google’s mapping service by utilizing Google Moon for all lunar properties. Masterkey is the only Multiple Listing System that is active on The Moon helping its customers complete high-margin transactions today.

Share your requirements

We’ve already setup a Connect Group (moon@masterkeyconnect.com) for the task, so you can start sharing your listings or requirements and connect with other agents from the community, who are also working with lunar properties.

 

Take advantage of this opportunity and get some deals done!