Being a successful investor requires having many skills, but you also need to invest in things like property management.
With the help of a professional property management report, you can review the most important information about a rental property in one place. This information can help you make major decisions that will impact your portfolio, but new investors often overlook it.
Here at Monte Davis Property Management Service, we can ensure that you earn more passive income from your properties. In this guide, we'll help you better understand things like owner statements and reporting, which are included in a report.
Financial Performance
One of the main things a property management report outlines is the financial performance of a property.
In the accounting records, you can see how much money went into a property and how much it generated. This can help you and the property manager decide whether a certain rental property is worth continuing to invest in.
Lease Information
Aside from getting an outline of the property's financial performance, you can also see information about tenants and their lease agreements.
When a property manager makes a report, they will outline each tenant's personal information and the type of lease they signed. While you will already have this information beforehand, seeing it together with the other sections of the report can simplify the decision-making process.
Maintenance Records
While your property manager will regularly update you about maintenance, they will also include everything in a property management report.
Viewing maintenance records in a report can help you see patterns, which makes identifying larger issues easier. For example, if a rental property's furnace has been worked on several times during a certain period, it may be time to get a new one. With a report, you can better keep track of everything.
Maintenance requests from tenants will also be included in a report, along with their legal responsibilities.
Tenant Feedback
If you would like to improve your property as much as possible, you can have a property manager get feedback from tenants. This will allow tenants to voice their opinions about your property and point out things that can be changed.
After receiving feedback, a property manager can look for similar complaints and ideas from all of your tenants. If you notice that most tenants dislike something, you should improve things immediately.
Positively responding to tenant feedback will not only keep them happy, but it will also help you get more out of your properties.
Get Owner Statements and Reporting from Monte Davis Property Management Service
As you can see, owner statements and reporting include many things that can help you better manage your properties. Now that you've read this article, you should start working with Monte Davis Property Management Service today to maximize profits in real estate.
We offer full-service property management that can cover all of your real estate needs. Whether you own residential or commercial properties, we can help you.
Contact us now to learn everything you need to know about our services!
