March 15, 2023
A big part of property management is always staying on top of relevant information. Things like how well your properties are doing, if any maintenance has gone on, how much you’re paying in regular expenses and how much profit you’re making every month are things that you should be aware of on a regular basis. Keeping track of all of these bits of information can be very difficult for one person. How do you get all the information you need in a convenient way?
This is where reports can really help. These reports are provided to you by your property manager, and they can give you all of the information you need to easily know what’s going on with your properties.
What Is A Property Management Report?
Basically, these reports are put together to communicate with you, the real estate investor, to tell you everything that you need to know about the properties you own. They’re a straightforward way for you to get the information you need in a concise document.
If there are any actions that you need to take regarding your report, you can work with your property manager to improve the state of your properties. A comprehensive report of your situation is a convenient and easy way to fully understand what’s happening.
What Should You Expect From Your Property Management Report?
The exact contents of your report may differ from other real estate investors, because different property managers may provide you with different types of information based on what’s relevant and what you request.
If you’d like to request certain information or if you want the data formatted in a certain way, you should speak to your property manager to discuss your options. Excellent property managers typically try to format the report in a way that’s easy for you to understand so that you can get the information you need quickly.
In general, you can expect the following to be on your report:
Income And Expenses Statement. This is the report that most landlords are the most interested in, and for a good reason. This part of your property management report helps you understand how much money you’re making and spending, and thus how much overall profits you’re making. If this report isn’t to your liking, you can take action to change how your properties are doing.
Operating Statement. If you have several properties in your portfolio, the operating statement is an overall look at how well your portfolio is doing. It can help you take a big step back and look at the big picture of how well your properties as a whole are managing. This statement will be useful in pinpointing weaker areas of your properties so that you can make improvements.
Owner Statement. This statement also includes the property reserve, which is the amount of money you provide to take care of things like property maintenance and repairs. This statement may also contain property management fees.
Account Ledger. If you want details, look at your account ledger. This ledger gives you every single rental-related transaction that occurred during that period. This is the place you should look if you want all the details you need on any transaction you need to look into.
Accounts Payable Report. This report tells you all about the debts and payments that were made during that period. It can keep track of your transactions and how much overdue payments you still have regarding your properties.
Tenants Receivables Report. If you have any tenants who still owe you money, this report will give you all the details you need to know. This way, you can easily know which tenants have paid in full and which still owe you more, and you can take proper action.
Any Reports That You Request. Property management involves many different things, and there are heaps of reports and information that you may want to keep track of every month. So, if there are any things that you’d like to be included in your report, you should speak to your property manager to see what they can do for you.
Not every report is the same because some landlords care more about certain topics than others. So, if you’d like to see something on your account, please feel free to speak to your property manager about it. You deserve to have access to all of the relevant information that you need.
Where Can You Learn More About Proper Property Managing In New Zealand?
Metro NZ Property Management can offer you all of the property managing services you need in New Zealand. We’re happy to offer NZ property managers our services, including everything from finding trustworthy tenants to selling properties that already have tenants.
If there’s anything in particular that you’d like to be in your report, we will do our best to include it. Our hardworking team always does its best to ensure that you’re completely satisfied with our services.
Would you like to speak with us about your properties? Call us at +64 9 391 4642 or visit our contact page to reach us.
Get all the information you need with Metro NZ Property Management.
