let’s talk : OWNER REPORTING
Good morning!
Over the past month we have acquired a triplex and are working to close on a second single family home in the coming weeks. Now that we are finally expanding, my former risk analytic minded-self felt it was pertinent to start putting together some monthly reporting for myself, and my business partners.
So, as we do, let’s talk Real Estate, let’s talk MONTHLY OWNER REPORTING…
As we expand, I believe it is CRITICAL to start tracking a few metrics regularly so that we can truly see what is working vs what is not.
My first step was to simply google “Landlord Reporting” and I found a HUGE list of options below. I then decided to go into QuickBooks (that is the platform we are using, there are several other accounting platforms out there) and look at some of their automatically generated reports. By the way, we are new to QuickBooks and only very recently switched over from our own excel tracking. So far, love it, and it should make things SO MUCH easier come tax season (fingers crossed).
**WARNING THIS IS A LONG POST BUT CONTAINS A COMPREHENSIVE LIST OF THE TYPE OF REPORTING YOU MAY WANT TO LOOK INTO AS AN OWNER**
LET’S START WITH A LIST OF REPORTS THAT OWNERS MAY REQUEST
Prepare yourself, there are a TON…
- Listing Report
- Customer Listing
- Lease Expirations
- Receipts Breakdown
- Security Deposits
- Customer Profile
- Unit Turnover Summary
- Open Work Orders
- Rent Roll / History
- Deposit Breakdown
- Rent Roll Analysis
- Prospect Box Score
- Rental Unit Listing
- Rent Roll
- Move In / Move Out
- Charges Breakdown
- Unit Profile
- Vendor Listing
- Delinquency Summary
- Top Work Order Stats
- Last Paid Balance
- Charge Detail
- Owner Bank Balance
- 12 Month Lease Recap
- Charge Comparison
- Unit Availability
- Unit Type Listing
- Vacancies
- Customer Statements
- Charges Paid
- Unit Turnover
- Occupancy Listing
- Rent Roll Comparison
- Unit Transaction Listing
- Recap Report
- Changes / Recurring Fees
- Payment Comparison
- CAM Reconciliation
- Market Rent Analysis
- Unit Status Chart
- G/L Detail Report
- Detailed Aged Receivables
- Profit and Loss
- Bank Register Listing
- Journal Listings
- Individual Unit Profit and Loss
- Fiscal Year Budget
- Aged Payables Detail
- All Receipts Deposited
- Payable Reports
- Budget Comparison
- G/L Summary Report
- Summary Aged Receivables
- Balance Sheet
- Balance Due
- Bank Deposits
- Chart of Accounts
- Actual – Budget Fiscal Year
- Reserve Summary
- P&L YTD Comparison
- Un-deposited Receipts
- Bills Paid
- Cash Flow Details
- Profit and Loss – Accrual
- Bank Deposit
- Rental Unit Profit and Loss
- Property Comparison P&L
- Aged Payable Summary
- Trial Balance
- 12 Month P&L Comparison
- Unit Expense Detail
- Cash Flow Comparison
SO, WHAT DO I THINK WE ARE GOING TO LOOK AT FOR NOW?
Lease Expiration
Details leases expiring for that reporting period (month or quarter). Customer name, account number, unit number, phone number, address, lease start date, lease end date.
Open Work Orders
It is CRITICAL, to monitor open work orders and make sure they are being taken care of in a timely manner, especially those of safety issues. The report could be broken down as follows; ticket number, age of the work order request (i.e. how long has this request been open), issue at hand, request submitted by who, assigned to (aka who is going to fix this), priority (high, medium, low). On our end, we have a ton of open work orders we inherited with the purchase of the new property. Our goal is to tackle any issue that could become a liability in the future first – those are what we have made the HIGH priority items.
Delinquency Summary
AKA who is behind on payments. It is important to track this so we know when income is “missing”, when to reach out to tenants, when to tack on late fees (I know it’s rude but so is not paying your bills on time), etc. Back when I worked in Corporate America we spent SO MUCH time tracking our past due customers and working to remediate the balances so that we could try and avoid it in the future.
Balance Sheet
Aka a quick overview of our assets, liabilities and equity. Tracking this monthly because I feel like we need to be aware of our financial health a all times!
Profit and Loss Statement
Understanding if and how we are making money will help us make future business decisions!
As Needed…
Customer Listing
This report details customers across all owned units and includes information on each customer (tenants) name, account number, unit number, unit type, address, move-in date, move-out date, lease start, and lease end date.
Customer Profile
This is a full profile on each tenant individually detailing their name, DOB, SSN, address, phone number, move-in date, move-out date, monthly rent charges, additional charges (i.e. pet fees, parking, etc) longest delinquency, emergency contact, a list of open receivables related to this tenant, transaction history.
If you are interested in seeing samples of these reports check out the website below:
https://powerpropertymanagement.com/reports.aspx
I think that is a good amount of reporting for now- do you agree? What types of reports would you want to see as a landlord / owner? What are we missing?
ALSO,GUESS WHAT?!
We are now on INSTAGRAM (ON TWO ACCOUNTS), FACEBOOK and PINTEREST!
Follow us on Instagram : @letstalkRE for all things home and real estate AND @letstalkwholesaling for future deals that could be yours!!
Happy Wednesday!
Erin
Data Sources for Today’s Content:
Me – this is based on my own knowledge, research, and opinions!
