You're sitting at your desk, sipping your morning coffee, when your inbox dings. It's the latest property management report from your trusted manager.
As you open the file, a treasure trove of insights unfolds - income breakdowns, expense summaries, tenant updates, and maintenance schedules. It's like a dashboard for your investment, giving you a crystal-clear view of how your property is performing.
But what exactly makes up this report, and how can you use it to make smarter decisions?
We can help. Read on to learn all about owner statements and reporting.
Financial Overview: Property Report Components
This section of real estate management reports ensures property owners have a clear understanding of how their investment is performing financially.
The financial overview typically includes an income statement. This outlines all sources of revenue, such as:
- Rent collected
- Late fees
- Pet fees
- Parking charges
A comprehensive view of income helps owners assess whether the property is meeting its revenue goals or if there are shortfalls that need to be addressed.
Another key component is the expense breakdown, which details all outgoing payments related to property management. Common expenses include:
- Maintenance costs
- Utility bills
- Insurance premiums
- Property taxes
- Management fees
By itemizing these costs, property managers provide transparency about where the property's funds are being allocated.
Leasing Activity: Property Management Insights
This section is particularly important for understanding how well the property is attracting and retaining tenants.
A key component of this section is a summary of lease agreements, which includes details about new leases signed during the reporting period, lease renewals, and upcoming lease expirations. This information helps owners track tenant turnover and plan for any vacancies.
The report often highlights renewal rates and provides insights into how many tenants are choosing to stay, which can indicate the property's desirability and the effectiveness of tenant retention strategies.
The leasing activity section also includes updates on marketing efforts used to attract prospective tenants. This might include details on:
- Online listings
- Open house showings
- Social media advertising initiatives
Property Inspections
Regular inspections are extremely important for identifying issues early, ensuring tenant satisfaction, and preserving the property's value.
These tenant management details typically include a summary of recent inspections detailing the purpose of each visit, such as routine maintenance checks, move-in or move-out inspections, or inspections to address specific concerns like tenant complaints.
These reports often highlight areas assessed during the inspection, such as:
- Structural integrity
- HVAC systems
- Plumbing
- Electrical systems
- Safety compliance
If any problems were identified, the report outlines the findings along with recommended or completed actions to resolve them.
Owner Statements and Reporting: Now You Know
There's a lot that's included in owner statements and reporting. With this guide to real estate management reports, you should have a much easier time.
Ready to take the stress out of Pittsburgh property management? At DeSantis Property Management, we provide detailed owner statements and reporting to keep you informed and in control, all while maximizing your returns.
As a trusted family-operated business, we prioritize accessibility, responsiveness, and personalized service tailored to your investment goals.
Contact us to get started.
