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How do you report to property owners?

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As a property manager, you have a responsibility to communicate effectively with your property owners and keep them updated on the performance and condition of their assets. Reporting to property owners is not only a professional courtesy, but also a legal obligation in some cases. In this article, we will discuss how to report to property owners, what to include in your reports, and how to use technology to streamline the process.

本文章的要点总结

Online client portals:

Utilize a web-based platform where clients can access their property information and updates anytime. It's a transparent way to keep everyone in the loop without constant direct communication.
Real-time updates:

With mobile tech, you can share instant reports and property visuals, ensuring owners feel connected to their investment and trust your management.

本摘要由 AI 和以下专家提供支持

1 Why report to property owners?

Reporting to property owners is essential for building trust and transparency in your property management business. By providing regular and accurate reports, you can show your owners that you are managing their properties efficiently, maximizing their income, and minimizing their expenses. You can also demonstrate your value as a property manager and justify your fees and commissions. Reporting to property owners can also help you avoid disputes and lawsuits, as you can document your actions and decisions and comply with any contractual or legal requirements.

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nancy croisant
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I would like to report a previous tenant who no one should ever rent to. Where is a List? This guy gets in and stops Paying and is uncollectible. Plus he is dirty and rude .

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Paul Anibal

__ Real Estate 'Therapist' ~ Multi-State Portfolio Broker ~ theNetWorthLife.com
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I don't 'report'. Each client has a portal space. There is info/updates that go there. They also have spreadsheets they can access anytime. "My files" are 'their files'.... nothing in a file cabinet per se that only I can see.

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Wouter Jellema

Building strong relationships between businesses and their landlords. I write for a range of property industry publications and enjoy sharing property and industry updates with the broader community
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Property managers are busy and tend to contact the landlords only when they have bad news to report. Call your client when you have a general update or even better, good news to share. They will love you for it and don’t associate your number with bad news.

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Michael McRoberts

Estate Manager - Eight Asset Management
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In my role managing luxury leasehold apartments, transparent reporting to property owners is crucial. This goes beyond financials to include metrics like FM contractor efficiency, emergency response times, and tenant satisfaction. Regular reports serve as a proactive tool for justifying my role, and I use advanced FM software for real-time updates, enhancing trust. These reports also serve as a formal record, minimizing disputes and legal risks. In the high-stakes world of luxury property management, clear communication through detailed reporting isn't just good practice; it's vital for long-term success.

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Catherine Muturi Dawson

Licensed Property and Association Manager at CBRE Bahrain
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The process of reporting to property owners is similar to working on a relationship in which the good, the bad, and the ugly must be communicated. Providing regular updates to the landlord allows him to assess whether the property's priorities, concerns, and vision are being met. Due to continuous communication, this will also prove useful in case of impromptu situations that may not please the landlord when they arise.

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2 What to report to property owners?

The content and frequency of your reports to property owners may vary depending on your agreement, the type of property, and the owner's preferences. However, common elements to include are financial statements that show income and expenses of each property, occupancy and tenant information that show occupancy rate, vacancy rate, turnover rate, and tenant retention rate of each property, maintenance and repairs that show condition and functionality of each property, as well as any maintenance and repair work done or needed, and market and industry trends that show current and projected market conditions and industry trends. These elements also show the net income and cash flow of the owner, any tenant issues or complaints, the screening and leasing process, rent collection and eviction process, tenant satisfaction and feedback, preventive and routine maintenance schedule, emergency and urgent maintenance procedures, vendor and contractor information, recommendations for improving performance or value such as renovations or upgrades, marketing strategies, pricing strategies, or tenant retention strategies.

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Ahmad Turki, ARM?, PCM?

Accredited Residential Manager? | M100 Certified | Professional Certified Marketer? | ADVETI Certified Real Estate Broker | Co-Founder Housez.ae
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Provide key performance metrics, such as the property's occupancy rate, cash flow, and return on investment (ROI). These metrics help property owners assess the property's financial health.

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Tiffany Hoke

Real Estate Accounting & Systems Consultant
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In addition to standard financial reports, we work with each property owner to customize a reporting package. One owner's portfolio may necessitate additional and/or more frequent reporting on collections while another owner is focused on reviewing expenses. Robust reporting is also critical for making certain management decisions and tracking their outcome. For instance, a monthly expiration report would provide critical insight into what length of lease renewal existing tenants should be offered to sufficiently stagger potential vacancies and shift expirations to more favorable times of the year. Bottom line: a good report package provides clear information for the unique metrics each owner needs.

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3 How to report to property owners?

The format and method of your reports to property owners may vary depending on your agreement, the type of property, and the owner's preferences. However, some common formats and methods that you can use include written reports, verbal reports, and online dashboards. Written reports are formal and detailed documents sent via email, mail, or online portal. They should be sent at least quarterly, or more frequently if required or requested by your owners. Verbal reports are informal and brief updates given via phone, video call, or in-person meeting. They should be given at least monthly, or more frequently if needed. Online dashboards are interactive and real-time reports accessible via a web-based platform or app. They should be updated regularly, or as soon as any changes occur. Written and verbal reports typically include financial statements, occupancy and tenant information, maintenance and repairs, market and industry trends, charts, graphs, tables, photos, and videos. Online dashboards enable owners to access their property data anytime and anywhere while allowing them to communicate with you and your team as well as download their reports.

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4 How to use technology to report to property owners?

Technology can be a great asset in streamlining and simplifying your reporting process to property owners, as well as enhancing communication and relationships. Property management software can help you collect and organize data, generate and customize reports, track and analyze performance, and provide insights for improvement. Cloud-based solutions can be used to access and update data from any device, sync and integrate with other platforms, secure and backup data, and protect from loss or damage. Mobile devices can be used to report in real-time, capture photos/videos of properties, scan/sign documents, receive/respond to feedback/requests. By utilizing these tips when reporting to property owners, you can do so effectively, professionally, and efficiently while achieving your goals.

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Jason Thomas

Director Property Management and Managing Broker
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We email monthly management reports to all the investors of our properties, not just the GPs. Project status updates, summary financial data and a full suite of financial reports. We also utilize a software platform that allows our owners 24/7 access to all the financial data of their properties. They find it very beneficial, especially the transparency.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Ahmad Turki, ARM?, PCM?

Accredited Residential Manager? | M100 Certified | Professional Certified Marketer? | ADVETI Certified Real Estate Broker | Co-Founder Housez.ae
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Reporting to property owners is a crucial aspect of property management. Property owners rely on these reports to stay informed about the condition and performance of their investment.

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How do you report to property owners?

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1 Why report to property owners?

2 What to report to property owners?

3 How to report to property owners?

4 How to use technology to report to property owners?

5 Here’s what else to consider

Property Management

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How do you report to property owners?

1

2

3

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5

1 Why report to property owners?

2 What to report to property owners?

3 How to report to property owners?

4 How to use technology to report to property owners?

5 Here’s what else to consider

Property Management

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