Property managers do a lot to ensure you and your tenants stay happy. However, they must give you monthly reports to keep you in the loop. You should know things like if there are new tenants, the total rent revenue and expenses, etc. We’ve prepared a list of information you should expect from property management reports.
Total Income
This number may be the most anticipated in the reports. You want to know how much you made before things are cut from it. Usually, this is the total rent collected. It can also include profit from vending machines or other small businesses attached to your properties.
This number can also be an indicator of your property manager’s performance. If it is high, they have ensured to fill all available single or multi-family units.
Total Expenses
Everything you had to pay for to keep your properties maintained. Utilities for empty units, the property manager’s salary, cleaning staff, repairs, etc. This list remains short and sweet when the property manager knows what they’re doing. The fewer expenses you must pay, the larger your profit margin. Good property managers help you save so much money in the long run.
Tenant Turnover
Do the same tenants occupy all your units as last month? Are there new tenants or units lying empty? A comprehensive tenant turnover report is crucial to know what’s happening in your property.
Knowing who lives on your property and if some units are constantly changing owners is essential. That issue might require looking into.
Tenant turnover reports let you see if your property managers succeed in providing long-term tenants. Indeed, the longer someone lives in a place, the less likely they are to leave even if rents get raised.
Property Inspection
One of the jobs a property manager does is inspect your property. Your properties must get regular inspections to ensure no one is violating any lease.
It is also good to spot any maintenance or repair needs. A stitch in time saves nine. That rings true for properties the most. A small leak can quickly become huge wall stains or a fungus issue.
You look forward to seeing a property inspection report telling you everything is fine due to your property manager’s timely interventions.
Repairs and Maintenance
Big and small repairs are part of basic property maintenance. Tenants keep calling for small things like a leaking tap or a warped floorboard. Sometimes there are more significant repairs, like the AC on the fritz or a cracked window.
Ideally, your property manager lets you know whenever an extensive repair is needed. They drop you a text or call you. Some owners don’t allow property managers to get any repairs quoted over a certain cost without their approval.
However, even if you were contacted at the time of the repair, a complete list of repairs and their costs is appreciated at the end of every month. You can ask your property manager to include picture proof to offset any doubts you may have. Although they mention repairs in the expense report, you want a separate account for convenience.
Sometimes you can see trends in the repair reports. Perhaps a unit needed plumbing repairs every month, or there is a recurring issue with the water heater. Catching some trends helps you make better decisions and fix problems from their source.
Eviction Reports
Sometimes, unfortunately, we must evict tenants. Maybe they were repeatedly causing problems for other tenants or behind on their rent. This task is one of the reasons landlords are grateful for having property managers.
Your property manager should let you know about evictions when they happen and why. A report on the matter is handy if you need to recall what happened. It is also good to keep on hand in case the tenant decides to sue for wrongful eviction.
Additional Information
According to these Albany property managers, part of the property manager’s job is ensuring you are content. Part of that is providing you with any information you ask for. They should have no problem accommodating you if you would like that in the form of a regular report. You could ask for copies of every transaction receipt or pictures of property inspections. Whatever you need to be at ease that your properties are in good hands.
Conclusion
Property managers are the backbone of the real estate industry. They allow you to earn from your properties passively, saving you time and effort. Timely informative reports make a good property manager a great one. Knowing everything that is happening on your properties saves you time worrying.