Property management reports are a helpful tool for property owners. They give detailed information regarding the duties that the landlord or property management performs. This allows the owner of the property to oversee management without being entrenched in the daily comings and goings. Find out more about Aurora property management reports below.
Statements and Reports
There are several types of statements and reports included in the property management report. Owners can discuss what information they’d like to see in each report. Most reports are issued on a month-by-month basis. Property management reports typically include:
The Income and Expense Statement: This typically highlights the influx of income and expense payments. They are broken down into different categories that show a line-by-line itemized list. Common categories include Total Overall Income, Total Overall Expenses, and Owner Disbursements. Expenses that exceed the income are highlighted in red or with parentheses.
The Owner’s Statements: These important statements are essential for any property owner. You’ll receive one each month with a detailed report of how your investment is performing. Items typically included are inventory details, maintenance, and management fees, and utilities paid out. It also gives you a snapshot of your reserve account or leftover cash at the end of the month. It’s essential to provide enough funds in this account for routine and emergency maintenance and repairs.
The Operating Statement: This statement will be included in the report if you own multiple properties. The purpose of the operating statement is to give an overall view of how all the properties are working together. A month-by-month review of income and expenses, as well as balances, is displayed.
The Account Ledger Report: This report is indispensable for the property owner. It shows an extremely detailed outline of every transaction on the property’s ledger. Plus, owners can choose to pull a report for specific dates or property. Multiple property account ledgers can also be created. This comprehensive report includes a description of each transaction, as well as amounts, dates, and categories.
Property management reports are specific to each owner. The statements and reports can change depending on the type of property or portfolio size. Other things that affect property management reports are the number of tenants and location of the properties. Additionally, different reports are generated depending on maintenance, income and expenses, and tenant changes. Properties that are vacant will also have specific reports and findings.
Aurora Property Management
For more questions or help with property management reports, contact Aurora property management services. With property management, you can experience a hassle-free way to rent your properties. Management services allow you to be as hands-on as you want to be. You can receive detailed property management reports each month regarding income, expenses, and operation. Plus, get complimentary advice and management solutions for your investment.
Maintaining your property is easy with help from Aurora property management, as well. Reliable maintenance workers are available on site 24/7 and offer quality upgrades and repairs.