In 2022, Seattle was the fastest-growing big city in the nation. People from all over flock to the city for the low unemployment rates, great climate, and outdoor, laid-back lifestyle.
The cost of living can be pricey which makes it a great area for real estate investors. Landlords have an opportunity to generate passive income and make investing a full-time gig.
Knowing how much money your property generates is the only way to make better investment decisions. Owner statements and reporting are among the key components of a property management report.
Keep reading to learn more about these reports and how you can take advantage of them.
Property Management Report Key Components
A property management report is not a financial report. However, it will include information regarding finances. Property management reports typically include the following:
- Income and expense statement
- Owner statements
- Operating statement
- Account ledger
- Vacant properties
- Completed work orders
While uncommon, a landlord can request additional reports. Property management companies create delinquent tenant reports, tenant screening reports, and Schedule E reports for their own records.
If you want this information sent to you, ask your property manager. They can work out a report schedule that details everything you would like to see. A great property manager will be accommodating to your needs.
Owner Statements and Reporting
A property management report includes key components of an investment property's finances. You'll receive various owner statements and reporting documents that can be used to measure up against the competition.
Documents outline your rental income and expenses. You can use this information to make better decisions for your income-generating asset.
In addition to helping you grow your portfolio, you can use the reports to track your investment. This is especially helpful if you are a hands-off landlord relying on the help of a property management company.
Working With a Property Manager
There are various benefits to working with a property manager and report generation is one of them. Property management companies will draft monthly statements as they review your business income.
These statements help with filing taxes during tax season. A property manager understands the appropriate tax forms needed to file non-employment income so you can stay compliant with the IRS.
Greater Seattle landlords may believe their property is the best in the area. While this might be true, it leads to bias in financial reporting.
A property manager has no biases when it comes to drafting owner statements and reporting. You'll get accurate reports every time.
How Is Your Property Performing?
Not knowing how your rental property is performing is a major problem. Greater Seattle landlords can utilize owner statements and reporting from property managers to stay on top of their investments.
Brink Property Management, Inc., offers successful rental management with a collaborative team-based approach.
We utilize state-of-the-art accounting systems to provide comprehensive financial reporting to clients. Our automated system provides financial reporting tools available at all times through an owner portal.
You'll receive monthly statements and an annual summary at the end of the year. Partner with us today for these must-have perks.
