Property Management and the Owner’s Statement
Property management is all about serving property owners (and keeping tenants happy).
And yet, property owners can’t always know what you do, how you manage costs, generate revenue, and keep your buildings, condos, and other properties well maintained.
The owners statement is a key document to convey important information and help you report on your good work, with stats to back that up.
The owners statement is a concise way to help you convey accurate accounts of financial transactions including utilities, contractor payments, and service fees to your own clients. It can accompany the owner’s income and expense statement.
Owners appreicate this kind of info which is why it’s perhaps the key document they use to gauge your performance.
What is the Owners Statement?
The owner’s statement produced via property management software helps you account for expenses, how much rent is paid, where money went, and what amounts are left in their account. It’s an excellent way to boost their confidence in you, and give them a snap shot of their property’s performance.
Components of Property/Owner Reports
An owners statement is a short synopsis or summaries of key items which owners want to know about and you could configure them to include sub reports such as renter reports, task reports, maintenance reports, income reports, and marketing reports.
Here’s a few items owners are interested in:
- list of current tenants
- lease dates
- rent paid and owing
- repair costs
- maintenance costs and payment made
- bank statement
- income statement
- balance sheet
Of course, the type of report you’ll want to produce depends on how you’re paid, the terms of your agreement, and the key issues they want to know about.
Here’s a Few Tips to Help you Produce Great Owner’s Reports
- Set a Time Period for reporting (monthly, quarterly, yearly). All time periods are relevant to how you’re building sustained value for them. One month means little, but rather the ongoing upward trend in their revenue vs what they pay you.
- Keep steady deadlines for reporting. Ensure tenants are not late with payments, and all invoices for the month are in. Not letting things slide over to the next month keeps reports accurate, relevant and manageable for you and the owners.
- Set a specific date for report send out (e.g., the 10th of every month). This gives you time to get payments/fees accounted for and keeps the owner calm and properly oriented for the long run.
Make your report relevant to your owners. They’ll appreciate the transparency and the variety of hard work you do. Few property managers are overpaid, so this helps owners recognize that you are worth their investment in your services. They may recognize that you actually don’t have enough operating capital, or the right software and quality services, and how this is causing issues for you.
Having a simple, clean and powerful financial reporting system is usually expected by owners today. From tax reporting, to visualizing where repair and maintenance money is being overspent, to easing your workload, there’s tremendous value for landlords and property managers in the reporting feature.
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