Hello Home Owners, and welcome to summer!
We have a lot of new owners that came aboard this year, so I wanted to take the opportunity to give a brief tutorial on how to decipher the owner statements, and give a few pointers on where you can look on the Owner Portal for additional clarification.
Each month, I will upload both a monthly statement and year-to-date statement for your property. When a reservation is booked, the guest is required to pay half of the rent up front, along with Travel Insurance if purchased. Our software posts transactions in real time, so when the reservation is confirmed, the first half of the rent will be posted to your owner statement. The second half of the rent and any pet fees are posted after the guest departs, and the full balance less commission as well as any expenses incurred, is paid on the last day of the month of departure.
Due to the first half of the rent posting when the reservation is confirmed, the monthly statement may only reflect half of the rent for each guest stay as the deposit will be on the statement for the month in which the reservation was booked. This is where both the year-to-date statement and owner portal can be helpful!
The year to date statement will group all transactions for each stay together, showing all of the rent and commissions for each stay as well as pet fees. Another spot to easily find the gross rent and commission for each stay can be found on the booking summary on the owner portal. When that link is clicked, you can filter the results to be grouped by month. This will show both the gross rent for each stay, as well as the net rent. Pet fees and expenses can be found on the monthly- and year-to-date statements. With all transactions posting in real time, the first payment of the season may include expenses for work orders that were closed in a previous month.
We apologize that we have not yet been able to upload both of these statements to the owner portal. I spoke with support on Monday and there is a ticket into development to fix the issue. If you would like a copy of the year-to-date statement or did not receive the monthly statement when they were sent via email, please let me know and I will manually send one to you. I know that the statements generated by our software can be a little confusing at first, so if any additional clarification is needed, please don’t hesitate to call or email me and I am more than happy to assist!
We’re looking forward to a great season, and thank you for choosing Topsail Realty to manage your property!
Jessica Scarborough, Accounting Administrator