How’s my property doing? That the most important question that every property owner needs answers to. From day-to-day issues, financial performance, occupancy rates, marketing strategies to regular maintenance – you need information on every aspect. Sounds scary?
Well, you don’t need to worry, as there are professional property management companies who provide various real estate reports for a fee. They generate reports at regular intervals to ensure you get all the information you need and are able to take corrective action.
There are different aspects of your property that need to be addressed, like profitability, rent collection and occupancy, routine repairs and maintenance, and current marketing strategies. Property management companies provide reports for each aspect discussed.
Here are some of the reports generated:
The monthly financials help you determine the financial health of your property. Key financial statements like the profit and loss account and balance sheet provide valuable information when making financial decisions.
The budgets for various functions in the organization like marketing, maintenance and rentals are available, and any deviations from these budgets can be tracked, and remedial action taken.
All transactions are recorded in the general ledger, and it is possible to determine why a particular property is faring poorly.
It is crucial as a property owner to find out if your tenants are paying on time, the occupancy rate of your property, whether a lease, is about to run out, rent roll, and vacancy listings.
As a rental property owner, the rental income is a major part of your monthly cash inflow. When you keep track of the above parameters, you can start listing your property, when the lease has a few months left before it runs out.
If you can manage your rent roll well, you can ensure a regular flow of income.
There are certain tasks related to the property which require supervision on a daily basis, like repairs or painting. Every time a contractor is appointed for any task, a work order needs to be issued.
The property management company provides you with regular updates on the status of completed tasks, open tasks and work orders.
It is possible for you to coordinate your rental inflows with these expenses so that you have a positive cash flow.
If a contractor is missing deadlines regularly, then an alternative need to be found.
These reports help you analyze the effectiveness of the current marketing plans and strategies. The property management company helps in drafting a marketing plan, dealing with queries from tenants, and understanding the latest market trends.
As a property owner, you will be aware of the questions from prospective tenants about your property and change your marketing strategy accordingly.
It is your responsibility as a property owner to understand the structural status of your building.
The property management company will provide reports relating to the expenses with respect to the regular maintenance of the building, the frequency at which inspections have been carried out, the outcome of these inspections, whether the maintenance reduced the number and frequency of complaints, and areas where the highest expense has been incurred.
You will find out the condition of your building from the inspection results, and then make a realistic budget of the amount you need to spend on repairs of the building.
To maximize the potential of your property, it is important that you maintain and market your property to the target clients. However, it will be difficult to handle every aspect of managing your property.
To get an overview of how your property is doing, you need professional property management companies like OHI who have extensive experience in providing detailed and crisp property management reports needed to manage the property.
If you are able to market your property well and ensure that it is in a good condition, you will maximize the returns on it. So, choose the right real estate management company and watch your rentals soar!
OHI is a thirteen-year-old real estate services company working with 50+ commercial and residential real estate developers, funds and property management companies across USA. Our deep expertise in real estate accounting, financial analysis, lease administration and asset management has helped clients cut associated costs by 40-50%. We currently provide these services to a portfolio of 75000 units across clients.
We invite you to experience finance and accounting outsourcing through us.
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