Tuesday, October 21, 2014

Transparency to the extreme

Being a home owner in Turkey also means being part of an owners association.

In larger complexes the amount of money being paid each year to the owners association is quite significant.

It is therefor absolutely necessary that the accounting books of the complex are done properly and professionally.

We here give you a list of which reports you as an apartment owner should have access to:

Profit and Loss statementShowing all income and expenses during a particular period - often the current accounting year of the complex - the profit and loss will tell you if the complex is spending more money than it receives. Also you will be able to see how the money is spend account by account.

Balance sheet

Is a summary of the current financial situation at a specific time. It will show you the balance on each cash and bank account and also how much money is being owed to the owners union and how much the owners union owes to others.

These are the two main financial reports that will tell you how your owners union is doing.

One of the more usual problems in relation to owners unions, are owners who do not pay their monthly fees or are paying them late. And we guess knowing who they are is of common general interest.

We therefor also recommend you to take a look at the financial report named Customer balances, since this report will provide you with a list of names including their total debts (our credit, if any).

Finally, you should at least once a month get access to all details related to each expense account as well as in- and out going money on both bank and petty cash accounts.

The big question here is actually:

Do you have access to any parts of the accounting of your owners union at all? 

Our experience is that most property administrators do not even share simple reports such as Profit and Loss or Balance sheets with the owners nor do they provide detailed access and information to account balances.

The result is that you as property owner has no chance of knowing how the money you pay is being spend, and you have no possibility what so ever to control any part of the finances of your complex.

At 2Base Estate Agency we do simply not believe in this kind of poor management. 

This is why we are now offering all apartment owners in complexes we administrate direct, unlimited and instant access to all details of the accounting books of the complex.

We provide a login to our accounting program, where you can view all invoices, expenses, receipts, postings on cash and bank accounts as well as access to all necessary reports such as the ones mentioned above.

This is what we call transparent and professional property management.

Are you interested in learning more?
Then contact us and we will be more than happy to offer our services also for your complex.... 

This blog-post is written by 2Base Estate Agency & My2Base Holiday Homes

Visit us online:

Holiday Homes for sale: www.2base.com
Letting & Services: www.my2base.com
Online Shop: www.my2baseshop.com

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