Are you an owner or investor in REIT? Either way, you are likely using property management services.
Property management services are an excellent way to get your property rented, managed, and operating, which is perfect for homeowners in the Los Angeles region.
A big part of working with such services is the property management report they provide you. When you clearly understand this property report, you will have more excellent knowledge of how to use the information to gain insight into your property.
Ready to learn about what's included in property management reports? Keep reading to find out!
What Exactly Is a Property Management Report?
The primary purpose of a property management report is to communicate what is happening on the property. This way, the landlord has words and a detailed understanding of what's happening without getting involved in the specifics.
As such, the property management report consists of lots of information required or requested by the landlord. This can include income reports, operating statements, and account ledger details.
All this information helps the landlord understand their property's ins and outs.
What's Included in a Landlord Report?
There are many elements to property reports. Although the level of detail can vary according to the company, a few basics are included in each statement.
- Income and expense statement: This is used to get an idea of profit and loss within the property
- Owner statement: This statement includes the beginning balance sheet, categorized income and expenses, and ending balance sheet
- Operating statement: This is another metric that helps understand the property's overall financial health
- Account ledger report: This report details all the debit and credit transactions posted on a property ledger
Some additional documents may be requested from the property management company as well. This could be completed work orders, vacant properties reports, or any other record of importance.
If there is any additional information you require, be sure to ask your property manager! They will be more than happy to sort you out.
How Often Are the Reports Released?
Property management reports are timed so that the owner has enough information. This can vary from company to company, but the report can be from monthly to quarterly.
There is also a yearly wrap-up for tax purposes. This will have a conclusive summary of the year's expenses, profit and loss statements, and other financial documents.
This makes it easy for the property managers to know when they need to have the reports ready for the owner.
Work with a Premier Property Management Company Today
To get the best property management report, you need to be working with the best property management company! A good provider will always take all the guesswork out of the process and keep you in the loop.
At Opal Estate Management, we specialize in providing premier property management services in the Los Angeles area.
Click here to check out our services today!
