It’s common enough for a rental property in your portfolio to be sold to a new owner, and of course it’s great news when they decide to keep managing it through your business.
Hooray—you’re not losing money.
The difficulty with a change in ownership, of course, arrives at the moment you record that change. Here we go again. Create a new property record. Duplicate all the details. Journal everything appropriately. Choose whether to duplicate—or risk losing—all that valuable rental history.
We saw how time-consuming and error prone this was for Property Managers.
So we solved it. To change the owner of a property in Console Cloud, users can now enter the settlement date and rent allocation which provides you with full settlement day calculations, then enter the new owners agreement into the same property record and complete an owner change. Cloud will keep track of the change in the same property record, and automatically journal any funds available to the owner to the appropriate ledger.
This means that all the property details, agreements, and everything else you’ve ever recorded about that property stays together. It heralds the end of duplication, and the end of forensic file digging. It’s just another way Console Cloud is helping Property Managers to spend less time on paperwork, and more time doing what counts.
Property Managers can also activate the Console Pay feature in Console cloud for an in-app direct debit solution. It will help in revolutionise your office rent collection process and you can use the spare time created to grow your business.
Console Cloud is the go-anywhere cloud based trust accounting software which is designed by Property Managers.
It can handle everything your agency needs including receipting, payments, reconciliation, invoicing, fees and deposits management. All of your common sales and residential trust accounting needs, all in one place. Book a Console cloud demo today!