How to understand the portfolio summary report

Summary

The following is an explanation of the Portfolio Summary report available in the Insights area of Palace.

  • Go to Insights > Historic
  • Click on Portfolio Summary
  • Select the Month
  • Select the User
  • Select the Management Group
    Portfolio_summary.png
  • Click Generate

Portfolio Summary (month-end) explained

The following is an example of the report

Portfolio_summary_report.PNG

Snapshot Definition - When a close-off is performed at month-end a snapshot is taken of the data at that point in time.

Note: This is the time and date that this close-off is happening, NOT the month-end date. So if you are closing the month at 12:30 on the 1st of January, the snapshot will include all information entered in the morning of the 1st January. If any data is changed after that, this figure will not change as the report is run against the snapshot rather than the live data.

  • Total Gross Management Fees Collected
    • This is the sum of all management fees collected in a specific month. This relates to management fees on the Receipt - Rent and Refund - Rent transactions (as well as the receipt/refund Ledger directly into and out of this account).

Note: The management fee on other amount is not included in this figure at the moment. This is currently under review.

  • Total Gross Maintenance Fees Collected
    • This is the sum of all maintenance fees collected in a specific month. This relates to maintenance fees on the Invoice - Creditor and Payment - Expense transactions (as well as receipt/refund Ledger directly into and out of this account).
  • Total Gross Letting Fees Collected
    • This is the sum of all letting fees collected in a specific month. This relates to any letting fee transactions for an owner that uses the Palace setting. If you use charge admin fee and put it into your ledger then it will show in total other fees collected and not this area
  • Total Gross Inspection Fees Collected
    • This is the sum of all inspection fees collected in a specific month. This relates to the inspection fees on the Charge - Inspection Fee transaction (as well as receipt/refund Ledger directly into and out of this account)
  • Total Other Fees Collected
    • This is the sum of all other fees collected in a specific month. This relates to the fees on Charge - Admin Fee or Receipt - Tenant Other to any fee accounts (as well as receipt/refund Ledger directly into and out of this account). This includes the fees that come from the tick Charge Commission on the tenancy Invoice button.

Note: None of the stats above will match any Ledger reports as these stats do not include any receipts or payments directly into the ledgers.

  • Average Management Fee ($ Value / Property)
    • This is the $ value of the total gross management fees collected divided by:
      • Number of Management Properties +
      • Number of Commercial Properties +
      • Number of Casual Properties +
      • Number of Holiday Properties
  • Average Management Fee (% Value / Property)
    • This is the % value of the total gross management fees collected divided by:
      • Total Gross Rent Received (Managed) +
      • Total Gross Rent Received (Commercial) +
      • Total Gross Rent Received (Holiday) +
      • Total Gross Rent Received (Casual)

This area below is not supposed to match your number on the lists on the front screen of Palace as it only looks at the criteria below, which is normally active only.

  • Number of owners
    • This is the value of the total number of current owners (with an end date after the close-off date or with no end date entered). The owner must also have at least 1 property that is not archived. Owners with no properties will not be counted here. If there is a difference between your owner list and your snapshot, that will be the difference.
  • Number of Managed Properties
    • This is the value of the total number of managed properties. The properties must be active at the time of close-off and connected to a management group. No inactive properties will be counted
  • Number of Commercial Properties
    • This is the value of the total number of commercial properties. The properties must be active at the time of close-off and connected to a commercial group. No inactive properties will be counted
  • Number of Holiday Properties
    • This is the value of the total number of holiday properties. The properties must be active at the time of close-off and connected to a holiday group. No inactive properties will be counted
  • Number of Casual Properties
    • This is the value of the total number of casual properties. The properties must be active at the time of close-off and connected to a casual group No inactive properties will be counted
  • Average Number of Properties/Owner
    • This is the value of the average number of properties per owner. This is made up by:
      • Number of Managed Properties +
      • Number of Commercial Properties +
      • Number of Holiday Properties +
      • Number of Casual Properties +
      • Divided by...
      • Number of Owners
  • Average Rent (Weekly)
    • This is the value of the average weekly of tenancies. This is made up by:
      • Weekly rent of all tenancies (non-archived tenancies in active, managed properties)
      • Divided by...
      • Total number of current tenancies (non-archived tenancies in active, managed properties)

Properties Won and Lost - Currently, these are not a snapshot, which means if you change the status of a property and backdate it, it will change this report. This is being changed to make it a snapshot. So in future, it will snapshot at the close of time and date and will not change. Any changes that are made to history will only show in the Properties Won and Lost report.

  • Properties Won
    • This is taken directly from the properties won/lost log for all properties with a date range covering the specific month. This information can change if the history of the property is edited
  • Properties Lost
    • This is taken directly from the properties won/lost log for all properties with a date range covering the specific month. This information can change if the history of the property is edited
  • Number of Inactive Properties
    • This is the total number of current properties (i.e. not archived) that are inactive at the time of close-off
  • Number of Inspections Completed
    • This is the total number of inspections completed using the Palace inspection app. This includes inspections imported from the app into Palace with an import date within the range of the selected month to close off. So anything done in the morning of the day of close-off will be counted
  • Number of Inspections Charged
    • This is the total number of inspections charged (i.e. a count of the transactions of type Charge - Inspection Fee for the current month). So anything done in the morning of the day of close-off will be counted
  • Number of Open Work Orders
    • This is the total number of open work orders in the current month i.e. current properties with work orders excluding those with an action of.. So anything done in the morning of the day of close-off will be counted
      • Work in progress
      • Authority granted
      • Quote requested
      • Action on vacating
      • Authority requested
      • Quote authorised
      • Work completed
  • Number of Properties Let
    • This is the total number of properties let within the current month. The criteria for this are the following:
      • Tenancy must have a start date before the current month-end date
      • Tenancy must have an end date after the last month-end date or no end date at all
      • Tenancy must have a receipt or refund letting fee transaction within the current month
  • Number of Vacant Managed Properties
    • This is the number of current managed (active) properties with a date available before the month-end date
  • Number of Vacant Commercial Properties
    • This is the number of current commercial (active) properties with a date available before the month-end date
  • Number of Vacant Holiday Properties
    • This is the number of current holiday (active) properties with a date available before the month-end date
  • Number of Vacant Casual Properties
    • This is the number of current casual (active) properties with a date available before the month-end date
  • Vacancy Rate (%)
    • Calculation
      • Number of vacant managed properties
      • Divided by...
      • Number of managed properties X 100
  • Number of Managed Tenants
    • This is the number of current tenancies (non-archived) in managed properties that have a vacate date greater than the month-end date or no vacate date
  • Number of Commercial Tenants
    • This is the number of current tenancies (non-archived) in commercial properties that have a vacate date greater than the month-end date or no vacate date
  • Number of Holiday Tenants
    • This is the number of current tenancies (non-archived) in holiday properties that have a vacate date greater than the month-end date or no vacate date
  • Number of Casual Tenants
    • This is the number of current tenancies (non-archived) in casual properties that have a vacate greater than the month-end date or no vacate date

Note: The important thing to remember as below, is these figures are taken on the day that you close the month, so if you are closing on the first working day of the month, that is when the figures are taken from using the Paid to Date as of that day.

  • Overdue Managed Tenants (Up to 6 days)
    • This is the number of current tenancies (Non-Archived) in managed properties that have a 'Paid To' date Less than the time and date of the closing of month end but within 6 days of that date
  • Overdue Managed Tenants (7 to 13 days)
    • This is the number of current tenancies (Non-Archived) in managed properties that have a 'Paid To' date Less than the time and date of the closing of month end but within 7 to 13 days of that date
  • Overdue Managed Tenants (14 to 20 days)
    • This is the number of current tenancies (Non-Archived) in managed properties that have a 'Paid To' date Less than the time and date of the closing of month end but within 14 to 20 days of that date
  • Overdue Managed Tenants (21 to 27 days)
    • This is the number of current tenancies (Non-Archived) in managed properties that have a 'Paid To' date Less than the time and date of the closing of month end but within 21 to 27 days of that date
  • Overdue Managed Tenants (28 days and over)
    • This is the number of current tenancies (non-archived) in managed properties that have a paid-to date less than the time and date of the closing of month end and 28 days over that date.
  • Total % of Portfolio in Arrears
    • Calculation:
      • Overdue Managed Tenants (7 to 13 days) +
      • Overdue Managed Tenants (14 to 20 days) +
      • Overdue Managed Tenants (21 to 27 days) +
      • Overdue Managed Tenants (28 days and over)
      • Divided by
      • Number of Managed Tenancies X 100
  • Overdue Managed Tenants (Vacated)
    • This is the number of current tenancies (non-archived) in managed properties that have a vacate date less than the time and date of the closing of month end, a paid-to-date less than the month-end close-off and a paid-to-date less than the tenancy vacate date
  • Total Gross Rent Received (Managed)
    • This is the total rent received in managed properties for the selected month up to the month-end close-off
  • Total Gross Rent Received (Commercial)
    • This is the total rent received in commercial properties for the selected 'Month' up to the month-end close-off
  • Total Gross Rent Received (Holiday)
    • This is the total rent received in holiday properties for the selected month up to the month-end close-off
  • Total Gross Rent Received (Casual)
    • This is the total rent received in casual properties for the selected month up to the month-end close-off
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