Power-ups for landlord statements
We’re bringing sexy (landlord statements) back! Now if you’re on Console Cloud, you’ll have access to the slickest, most customisable and easiest-to-read statements in the industry. So if you’re ready to have fewer ‘what does this mean’ conversations with landlords and get more done in a day, read on!
1. We’ve got consolidated statement options for landlords
These statement improvements are aimed at two particular scenarios: landlords who have multiple properties under your management, and condensing the number of lines of figures on statements to make them easier to read.
All rent for the statement period is consolidated into one line
Instead of seeing four or five line items in a given statement saying rent, rent, rent, and more rent, landlords will just see one figure covering rent for the whole period, e.g. ‘1/3-21/3 – $XXX rent’.
We understand not everyone wants to use this option, so we haven’t turned this setting on by default. If you want to activate the consolidated rent view setting on your landlord statements, head to Settings > Banking > Owner Statements and toggle the option on.
Consolidated subtotals for landlords with multiple properties under your management
Landlords with more than one property under management with an agency tend to find multiple statements with multiple property subtotals confusing and irritating. Now, if you find yourself managing multiple properties for one landlord, you can turn on a consolidated property subtotals view, so they can see simplified running balances across all their properties in a single statement. No more individual property subtotals!
Consolidating subtotals across properties makes landlord statements easier for landlords to read and understand. This is a win for landlords and property managers alike, with fewer communication issues.
Consolidate fee types, or continue to show fees per property
This is another feature more relevant to landlords with multiple properties under management with your agency. Experience tells us that some landlords prefer to see a line-by-line breakdown of fees per property, whereas others prefer to see a gross figure tallied across properties for each fee type.
We received feedback from some of our customers asking for fewer lines on landlords’ statements. On the other hand, we had other clients whose landlords wanted to see exactly which fees were being charged for which properties.
Choose what suits you and your landlords, by heading to Settings > Banking > Owner Statement Settings and toggling the button labelled ‘Ungroup fees by property’.
2. More customisable options to meet your landlord’s preferences and needs
One secret of successful property management agencies is meeting your landlord where they want to be met. By this, we mean communicating with your customers in their language. To help our customers do this exceptionally well, we’ve created more customisable elements in landlord statements.
You can send zero activity statements… or not. The choice is yours.
This one comes down to whether your landlord prefers more communication or less. Previously, regardless of whether there was any activity in a given month, landlords still received a statement. When this happened, a blank statement would be automatically generated and sent out.
What’s the point of that? Some landlords thought it was a waste of time. Others meanwhile preferred the communication of no news—they felt they were across everything happening in their account.
You can now toggle between sending zero activity statements to landlords or not. Just head to Settings > Banking > Owner Statement Settings and toggle the button under Zero activity statements.
3. Less is more: removing the sound and fury from landlord statements
We’ve removed some things, and added new elements—giving statements more clarity and brevity.
Fees that incur GST now marked with an asterisk*
Goodbye, separate GST subtotals and extra confusing lines! You’ll see an asterisk on all line items that incur GST in the statement going forward, while still highlighting GST charges for accounting purposes.
We’ve added statement numbers to make it easier for your landlords to keep track of which statement is which. This in turn makes it much easier for property managers and landlords to be on the same page (literally!) when discussing statements.
We got rid of that pesky internal journaling activity
Internal journaling is our bread and butter, but there’s no real need for landlords to see it. So we got rid of it! Now you can hide that journalling, and give landlords less to interpret each month.
Don’t worry: internal journaling still shows up in your Console Cloud office. We’ve only removed it from landlord statements.
Goodbye, random blank page occasionally appearing at the top of statements! We were never friends.
This one relates to a small bug that added a page break instead of a line break on statements with long income and expense tables. This in turn created an extra blank page that appeared at the top of landlord statements. We get it—that was annoying. We’ve now squashed that bug, and reduced the body count of dead trees as a result.
4. More details that your landlords actually want
Like rent details in the header, and a better way to show pending payments and withholds!
Rent frequency and amount is included in property header
Your landlords will now see the amount and frequency of rent for the current tenancy agreement in their statement header. This helps them do the math on their statements, and ensure all rent is accounted for.
Please note that only the current rent agreement information will be shown in the statement header. If the statement covers a period where there was a change to the rent agreement or rent amount, we’ll only show the most recent agreement details in the statement.
Pending payments and withholds get moved to where they should be
Pending and withheld payments on landlord statements tend to look a little confusing. Frequently, we’d find landlords counting the pending payments and withholds as income and expenses. This is not the right way to read the ledger, as you well know!
We’ve moved these payments and withholds to a “notes” section in a separate list, under disbursed payments. This helps landlords make fewer accounting errors when reading their statements.
Reading is boring! Show me the old versus the new statements.
Your wish is our command! Here you go. Please note that this is an Australian statement, and that GST rates will be be different for New Zealand customers.
Wondering what to read next?
Check out what we released this season in the Autumn release webinar highlights reel, including some serious upgrades to inspections, and how to use our inbuilt (and free!) net promoter scoring (NPS) tool, Yardstick.
Console are providers of trust accounting software and end-to-end property management solutions, for property managers and agents in Australia and New Zealand.