With the Spring '12 release, the Force.com platform introduced some great new reporting capabilities. These are already built in to all Propertybase organizations and simply need to be enabled. If you'd like to read more about the key improvements to the report platform, you can read about it here:
Here's how to do the upgrade:
Step 1: Sign in as the system administrator
Step 2: Enter the setup menu
Step 3: Find the Reports & Dashboards menu in App Setup | Customize
Step 4: Click on User Interface Settings
Step 5: You will see a section in the next screen (see below) which asks you to upgrade your Report Builder. Click on Enable and then Save and you are done.