There are many property management essentials landlords should know about. Inspections, good relations with tenants, and monthly property management reports are three requirements.
Owner statements and reporting are part of a property management report. They help you make informed decisions about your investment properties.
For example, they can identify potential expenses and improve your budget. But what else is in these reports?
What should a property management report say to keep information correct and conclusive? Below is everything you should expect to see in the owner's report.
Executive Summary
The executive summary is the report introduction. It offers a straightforward overview of what's in the report. You'll find important findings, performance metrics, and notable achievements here.
Property Overview
The property overview gives vital information about the property. The property overview includes square footage, location, type, and unique features and amenities.
Property overview is one of the most important components of management reports. This section sets up the rest of the report because it provides context for the other sections.
Financial Performance
A complete financial picture aids with effective property management. Owner's statements are property report details that determine cash flow.
The finance section discusses income sources, total income, and an expense breakdown. This area also tells you about your property's financial health and profit.
Occupancy and Lease Information
People enter real estate investing with dreams of easy living and early retirement. But you'll need a certain income level to live well.
That's why the occupancy and lease section is important. It tells you how much occupancy you have at a given time.
This includes lease expiration dates, tenant turnover rates, and pending lease negotiations. Occupancy and lease data can spot potential vacancies and improve lease renewal opportunities.
Maintenance and Repairs
The maintenance and repairs section concerns activities related to upkeep. This includes work orders, repairs, and preventive maintenance. You can find ongoing projects, significant issues, and necessary expenses.
Marketing and Advertising
Attracting and keeping tenants is what keeps your business going. That's why you need to know how it's getting done. The marketing and advertising section shows marketing effectiveness and where you need improvement.
Tennant Satisfaction and Feedback
As we said, you need renters for income, so letting them express their opinions is helpful. This feedback section is where tenant surveys and satisfaction ratings go.
The data measures renters' experience at your property and satisfaction with management. You can use this information to improve services and amenities.
Need Help With Owner Statements and Reporting?
Drafting owner statements and reporting is one part of making property management reports. There's plenty of data to pull into your property report details, which can be tedious.
PMI EXPerience can make putting these reports together easier for you. We're a full-service rental property management company with over 300 locations countrywide.
Our 20 years of experience gives you access to effective property management. We also offer marketing, maintenance, tenant screening, rent collection, and eviction services.
Contact our office if you'd like to improve your landlording. Together we can maximize your income and tenants' experience.
