Managing multiple properties month after month is hard enough without keeping track of the financial reporting for your property owners. This challenge only becomes more difficult when managing multiple owners’ properties and having different commission pay-out structures for each.
That’s why it’s important to have the flexibility to customize your owner statements based on the agreements set between you and the property owners. For example, you may be managing one property where your commission is based on the accommodation price after a discount and managing another where you receive a higher commission on direct bookings.
On top of keeping track of the numbers, you want to identify any financial issues early on and continue building trust with your property owners. This is why we’re excited to introduce Owner Statements! Now you’ll have the flexibility to confidently customize your commission, fee, and tax structures however you need for all your managed properties.
How’s It Work?
You’ll find the Owner Statement feature under the Operations menu on the left of the screen. From there you will see a Get Started button, which will lead you to setting up your first owner statement.
The first step is to add the property owner’s information and define it as an individual or a company. The second step is to add the associated properties with the owner. The third step is setting up the reservation commission, which includes giving the agreement a name, choosing who receives the reservation payout, and configuring your earning structure.
We have made setting up your earning structure completely customizable. This means that you have all the flexibility you need to create your statements. You can fully customize your commission percentages, split between guest fees, flat fees per reservation covered by the owner, and who’s responsible for the pass-through taxes.
Once an owner and reservation commission has been created for a property we will start creating monthly statements for it. We’ll start with the previous month by default, and then the current and all future months where reservations and transactions exist.
During the month, you’ll see your statements have an Open status under the Statements section. At the end of the month, you will see your owner statements move to an In Review status, which means it’s waiting for your approval to be published. While it’s in the review state, you are still able to add any outstanding transactions to it. For example, if you purchase replacement pool towels, you can add that expense to the statement for the owner to see.
When the statement looks correct, click Publish and we’ll lock all the data and allow you to download it as a PDF file to be shared with the owner.
It’s important to note that once the statement is published, it can no longer be modified. We do plan on adding capabilities such as triggering data to be sent to your account software, uploading statements to an owner’s portal for review, and initiating or requesting payment to the owner.
You can visit our help center articles for a full overview of owner statements or ask our support team any questions through the chat located at the bottom right of the screen once you’re logged into your Hospitable account!
Why Use It?
There are plenty of reasons to use Owner Statements, but here are some you may have not thought of before!
- Increase transparent communication with property owners. Regular statements build trust and provide clear visibility into the property's financial performance, helping owners understand their income and expenses.
- Bolster your financial accountability. Monthly reports help ensure that you’re able to manage funds responsibly and consistently, allowing owners to feel confident that their investment is being handled properly.
- Facilitate better forecasting and planning. Owners can use these statements to track cash flow, identify issues early, and plan for future expenses or investments, making it easier to manage their overall financial strategy.
- Enable property owner compliance. In some cases, legal agreements or local regulations may require you to provide regular financial reports to property owners so rental income for taxes can accurately be calculated.
What Do You Think?
We would love to hear your thoughts on Owner Statements. Is there something you’d like to see in the coming iterations of the feature? Fill out the form below!
Stay tuned for more product updates!
