Difference between a 'Payment Notification' and an 'Owner's Statement'

Understanding the financial aspects of property management is crucial for both landlords and tenants. At Property Genius, we aim to make this process as transparent and straightforward as possible. One area that often causes confusion is the difference between a 'Payment Notification' and an 'Owner's Statement.' Here's what you need to know:

• What it is: An email sent to the landlord once a payment has been made to them.

• Timing: Payments are made to landlords within 2 hours of funds being reconciled and sent by us.

• Content: The email includes a PDF attachment that details the amount received, the date, the property it's for, any deductions, and the balance from that payment.

• Multiple Tenants: If a property has more than one tenant, you may receive multiple payment notifications. Don't be alarmed if the amount seems short; all payments will be detailed.

• What it is: A comprehensive financial report sent automatically to the landlord.

• Timing: Sent on the 1st of each month.

• Content: This statement shows all account activity for the previous month, including received payments, arrears, and payments to contractors.

• Comprehensive View: If you want a full picture of your financials, including arrears and contractor payments, this is the report to wait for.

1. Payment Notifications are quick snapshots, ideal for immediate updates on individual payments.

2. Owner's Statements provide a more comprehensive view, perfect for monthly financial planning and tracking.

3. If you're concerned about the details of your account, it's often best to wait for the Owner's Statement, which arrives on the 1st of each month.

By understanding the purpose and timing of these two types of financial documents, landlords can better manage their properties and financial expectations.