Property Management InformationOwners of rental buildings want a lot of property management information from their property managers. They look for regular reports at the end of each month. These include rent rolls, status reports on various activities, annual reports, tax reports for filing with the government. As well as rental reports to substantiate rent increases. Most of all they want to make sure that there are no surprises.

Property Management Information – End of the Month Reports

At the end of each month, property management information should include a total income and expense report. It should show the rental income for the month and the year to date numbers. It should also show the expenses in the same format for all categories.  Rental units rented and the rent collected, end of lease projections, empty units, and collection activities should also be reported. They also want to be made aware of any special issues that should be brought to their attention. For example renters that skipped on their rent. Also renters that are behind on their rent.

Status Reports

There may be various projects and upgrades that are underway. A status report is usually provided to give owners who cannot get to the property an update. Include picture as required. Discuss issues as required.  Some owners will want a monthly meeting to review this information. However more often it will be a quick conference call which saves everyone time.

Annual Reports

Annual reports summarizing the year and projections for the coming year are also needed. In addition these reports allow owners to budget properly. Review every line item and adjust based on inflation. In addition specific needs of the property and even specific agendas of the owners.

Tax Reports

Tax reports are also provided on an annual basis as part of the annual property management information flow. These reports can be provided to accountants. They will incorporate the appropriate cash flows into the owners income tax reports to the government. This is not an audit. It is a tax report based on the information provided to the accountant.

If there is only one owner, discussions and decisions are often very straight forward and can be conducted easily. If there are multiple owners, the decisions take longer. Often a board of directors will interface with the property manager. They will go over all of the property management information. The job of the board is to review all reports and make sure that results are in line with expectations.

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