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 PMs.
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 PMs spend less time on paperwork, and more time doing what counts.