Able to create a property that’s not yet owned (pending, under-contract, under due dilligence period, etc.). I’m tracking those prospective new properties thru a normal way to add property, but that will mess up my normal transaction view for properties I actually owned.
There can be a status/state value of the property and certain transaction view will exclude properties/transactions based on property status.
@siobuyhouses Thanks for posting this idea! We’re in agreement that the ability to exclude certain properties from reporting would indeed be useful. If others would also like to see this feature added, please upvote the original post by clicking the heart to the left of the “Reply” link.
In the meantime, we do recommend setting up separate Portfolios for “Sold” and “Pending,” which will at a minimum allow you to view your other Portfolio’s metrics and reports independently. Of course, “All Properties” views and reporting will still include Sold and Pending assets until we implement the ability to exclude them on an optional basis.
It’s also worth noting here that tracking potential acquisitions prior to closing is a powerful “off-label” use of the Stessa platform that we encourage and support. Use the Rent Roll and Pro Forma Expenses features to model your expected cash flows. Then use the “GRM” and “Cap Rate” valuation tools to figure out the right purchase price. If you successfully close on the asset, you can then simply move the Property out of the “Pending” portfolio…and you’re off to the races.
Visit the Support Center for more details on how to Add / Delete Properties and Manage Portfolios.
Awesome! Good to know there’s a workaround for now.
Just wanted to add my influence and vote to this as well, 5 years later haha. In my case, I am using Stessa and running Schedule E and P&L reports for tax reporting, and all my old sold properties show up in these reports, adding zero business value and actually detracting value due to the clutter!
So 5 years have gone by and this is still an outstanding PFR? Come on guys, seems quite a ‘basic functionality’ type of request. I know you’ve been acquired in that time, and I know there is an OK workaround, which I will implement. But STILL. Cheers!