10 Owners, What The Heck?

By
Property Manager with HomePointe Property Management, CRMC 00691121

We recently picked up a property to manage that has 10 owners!  Some have only a few percentage points of ownership, but they all are interested owners.

The way we handle it is to set the clients up with their respective ownership percentages.  Our software then issues any funds going to the owners in the proper amounts.  The money is all sent electronically so we do not have to handle paper checks.  When funds are sent we email a statement automatically to each owner.

Then, we post their Owner Statement online on a monthly basis showing income, expenses, and supporting invoices.  Each owner can then log in and see their report for themselves.  Saves postage and handling for sure.

Posted by

Robert A. Machado, CPM, MPM

HomePointe Property Management

Sacramento, Yolo, El Dorado, and Placer Counties

We manage residential and commercial property.

916-429-1205 x 105

rmachado@HomePointe.com

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Rainmaker
2,021,855
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Sounds like you have it down to a science. Good for you in making it smooth, easy, professional.

Mar 27, 2010 12:20 PM #1
Rainmaker
421,409
Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease

Robert, 

Good system. Wow, we only have joint owners.  That could get exciting, keeping them all happy:-)

All the best, Michelle

Mar 27, 2010 01:38 PM #2
Rainmaker
2,842,714
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Ten owners on one property is a bunch of owners:-)  Seriously however, it sounds like you have a great system for handling all that!

Mar 27, 2010 02:03 PM #3
Rainmaker
642,656
Dawn A Fabiszak
Private Label Realty ( Denver metro area, Colorado - Aurora, CO
The Dawn of a New Real Estate Experience!

Robert ~ If you didn't have such a great system, having 10 different owners could have been a nightmare.  It sounds like you are able to handle the management well, impressive.

Mar 28, 2010 02:45 PM #4
Rainmaker
254,487
Robert Machado
HomePointe Property Management, CRMC - Sacramento, CA
CPM MPM - Property Manager and Property Management

Yes, technology is the answer in many cases in the management business. 

Mar 28, 2010 05:19 PM #5
Rainer
25,418
Jeremy Butts
Real Estate Entrepreneur - Louisville, KY
Investor

10 Owners???? wow.

Mar 29, 2010 12:44 PM #6
Rainmaker
254,487
Robert Machado
HomePointe Property Management, CRMC - Sacramento, CA
CPM MPM - Property Manager and Property Management

Hardly seem worth owning a single house like that, but there is always someone out there marching to a different drummer.

Mar 29, 2010 06:23 PM #7
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Rainmaker
254,487

Robert Machado

CPM MPM - Property Manager and Property Management
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