Multiple Owners For One Property

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Within Rentec PM, an owner can be assigned to each property.  By doing so, you will be able grant access to the owner portal, offer a custom Owner Statement and view a status of an owner’s ledger.

If the property you manage has more than one owner, there are ways to document the multiple entities in the program.   Here are the steps you will want to follow:

1. Add a new owner to the program through the Settings tab by selecting Manage Owners.  When creating the details of this owner group, you will do so in increments.  When creating the first owner profile, enter the last name of each owner, separated by commas, in the “Company” field.  For the primary owner, add an asterisk next their name and complete the remaining fields as they apply to this primary owner.  If you will be granting access to the Owner Portal for this property, you will want to adjust how you complete the email field.  Instead of entering in an email address, enter in a user name that can be used by all owners for this property when they want to access the owner portal associated with this property.  If you want to track this owner’s address, you will want to enter it in the “Notes” section for this owner.  In the “Notes” section of the owner profile, we suggest you enter in details of who else is tied to this owner and which property they own.


2.  Now that you have entered in the primary owner for this property, you can add a new owner for each remaining owner through the Manage Owner section in Settings.  With the additional owners, we recommend you enter the Company name as you did for the primary owner, however adding the asterisk next to the 2nd owner’s name.  For the name and owner details, enter in the specific information as it applies to the 2nd owner.  Again, adjust the field for the email address to be the same username and password as was entered in under the primary owner to ensure they are viewing the same portal details for their property.  Complete this step for each additional owner.



3.  After you have created all owners for this property, you will want to link the primary owner to the property.  To do so, head to the property tab, right click on the property name and select Edit Property (or if you are creating a new property, select “Add New Property” in the lower right corner.)  From the Owner pull-down menu, select the primary owner associated with this property.  In the notes section of the property detail, add in reference to all owners associated with this property and who the primary owner will be for this property.  Selecting and maintaining a primary owner for the property will be crucial for the owner portal associated with this property and for proper reporting in the Owner Statement.


4.  Once the primary owner has been selected for the property, all property income and expense transactions will appear in the owner portal and in the primary owner account ledger.  To post owner disbursements for each owner you would do so as you normally would, through the property ledger, except in the case of multiple owners, you are able to track how much disbursement you send to each owner by posting each owner disbursement separately.  For the first owner’s disbursement, enter in the transaction details as it applies to this owner.  When selecting the Payee for the transaction, pay special attention in selecting the desired owner by noting the asterisk.  ** If you add a memo to the transaction, under the Payee’s name and you enable memo notes in the advanced settings of your Program defaults, you will be able to see this detail in your property ledger report.

5.  For the remaining owners, create separate transactions as they apply to that owner.

If you follow these steps for creating multiple owners, your owners will be able to see their shared property information through the portal and you will be able to track their detailed disbursements in the property ledger.  If you run the Financial Report “1099 Tax Assistant” you will be able to view the total owner disbursements paid out to each owner for the time period selected.




***NOTE:  With multiple owners attached to a property, the primary owner’s ledger will contain all of the transaction details for this property for owner reporting purposes.  The subsequent owners will have a ledger in the Accounts tab, however that ledger will only reflect the funds that have been disbursed to them specifically.