You’ve done your part—the property is in great condition, occupancy rates are solid, and now it’s time to give the owner a comprehensive update or perhaps things weren’t as successful as you’d hoped this time around, and you’ve got a new strategy up your sleeve to help them get the most out of their investment. This begs the question: what is the best way to convey this information to the property owner?
While creating property management reports to keep the owner in the loop is a no-brainer, it’s easier said than done, especially since there’s so much information to organize. That’s why having a reporting system in place, along with ready-to-use templates, can make all the difference.
In this blog, we’re giving you the scoop on how to create property management reports for owners, plus a property management monthly report to owner template you can use to streamline the entire process. But before we do, let’s take a look at what makes these property management reports so important and their impact on owner-management relationships.
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Why are property management reports so important?
When property owners or investors trust you with their property, they don’t just do it to relieve themselves of landlord duties. They look forward to profiting from their investment with the peace of mind that comes with knowing it’s in good hands.
Property management reports serve a simple task to give owners or investors insight into how their property is performing in the market. It also helps prevent possible misunderstandings in the future by putting all facts on the table, from unexpected expenses to plans for the future. As a result, owners or investors can make strategic decisions, whether it’s reinvesting, budgeting, or planning for long-term goals.
What should go into a property management report?
A great property management report should be detailed but not overwhelming. You would want to highlight key points without burying what’s important with jargon and irrelevant details. After all, not everyone has time to flip through several pages trying to pinpoint what matters and what doesn’t.
Here are seven things you should add to your property management monthly report to owner template.
1. Financial summary
One of the biggest questions owners have is whether or not they are making a profit from their investment. Therefore, your property management monthly report to owner template should always include an income and expenses statement. The statement should have all income sources, along with expenses, neatly categorized before highlighting the bottom line after expenses. Adding a simple table or graph here can do wonders in giving them quick insight into trends at a glance.
Rental income should include the total rent collected, pending payments, and any delinquencies, while expenses could be maintenance costs, utility bills, management fees and more. You can keep track of your finances with a revenue management tool that simplified payments, invoicing and processing while giving all access to your transactional data.
2. Occupancy and leasing updates
The next thing you would want to include in your property management monthly report to owner template is information on how their property is performing in terms of occupancy. How many units or rooms are occupied? Were there any new leases signed or renewals completed? Are there any vacancies, and what steps are being taken to fill them?
For short-term rentals, you can also include metrics such as average occupancy rate and revenue per available night. This gives the owner a good idea of how well you’re filling their property.
3. Maintenance and repairs
The last thing an owner wants is their property falling apart in your hands. Therefore, you would want them to know you’re staying on top of the property’s upkeep. Your property management monthly report to the owner template should include any maintenance or repairs that were taken care of over the month. These could be completed and ongoing repairs to those upcoming scheduled maintenance tasks such as HVAC servicing, pest control, roof inspections and more.
Your property management monthly report to owner template should also include the costs for each project and how they were taken care of, for example, whether you partnered with a trusted vendor in your network or used your in-house team. If you’re implementing preventative maintenance, this is the place to show owners the value it’s bringing!
4. Tenant or guest relations
Keeping owners on the pulse of tenant satisfaction or guest satisfaction in the case of vacation rentals matters. Therefore, your property management monthly report to owner template should include any notable tenant or guest-related updates, such as:
- Complaints received or disputes and how quickly they were taken care of
- Feedback from tenants that might impact the property.
- Any behaviour issues that required intervention.
This section in your property management monthly report to owner template keeps owners in the loop about the people staying on their property without bogging them down with minor details.
5. Compliance and legal notices
While nobody enjoys dealing with legal issues, they’re sometimes unavoidable and could impact the property financially. That is why it is important to include a compliance and legal notice section in your property management monthly report to owner template. It should briefly mention:
- Regulatory changes affecting the property.
- Notices or disputes involving tenants.
- Any compliance updates such as fire safety inspections, permits and more.
6. Actionable goals
Once owners have a clear picture of how their property is performing, you would want to end your property management monthly report to owner template with goals for the next month so they know exactly what to expect. This goes a long way in showing how dedicated you are to ensuring they get the most out of their investments. Goals could be:
- Property upgrades to improve tenant satisfaction.
- Areas to cut costs or increase efficiency.
- Any decisions owners need to make, like approving a big repair project.
- Filling vacant units.
How to keep your property manager reports clear and easy to read
Chances are, owners don’t have the time or patience to wade through a dense, 20-page document. After all, your goal is to inform, not overwhelm.
You would want to keep your property management monthly report to owner template brief and easy to ready. Here are a few ways you can achieve that.
- Add graphs and charts for financial data and occupancy trends.
- Stick to bullet points to make information easier to digest.
- Summarize key points without leaving out important details.
Customizing your property management monthly report to owner template
It is also important for you to understand that not every owner wants the same level of detail. Some are numbers people, and they want to know where every cent is going, while others care more about tenant satisfaction or occupancy rates. Therefore, you can tailor your reports to each owner by:
- Adding booking trends or guest review sections in the case of short-term rentals.
- Highlighting ROI or market comparisons for investors or owners that understand numbers.
- Simplifying language for owners unfamiliar with property management lingo.
Pro tip? If you use property management software like RentalReady’s platform for owners, chances are, these property manager reports can be generated automatically. This eliminates the need for you to go through every transaction before creating a financial statement. It can also:
- Generate professional, automated property manager reports.
- Integrate financial data and tenant updates.
- Buy back your time while improving accuracy.
Your free ready-to-use property management monthly report to owner template
To give you a head-start, here’s a free property management monthly report to owner template you can customize:
1. Overview
This month, the property achieved an X% occupancy rate, generating $X in rental income. Total expenses were $X, resulting in a net profit of $X.
2. Financial summary
- Rental income: (total rent collected, late payments, outstanding rent)
- Maintenance costs:
- Other expenses:
- Net profit:
3. Occupancy summary
- Number of occupied units:
- Number of vacant units:
- Upcoming lease expiries:
4. Maintenance and repairs
- Requests for maintenance and repairs
- Completed tasks
- Upcoming maintenance tasks
5. Compliance and legal notices
- Updates to regulations
- License renewals
- Tenant or guest lawsuits
6. Tenant/ guest relations
- Lodged complaints or disputes
- Resolutions
- Time taken for resolutions
7. Actionable goals
- Goals for next month
- Suggested upgrades
- Request for project big project approvals
To conclude
Keeping owners posted on the performance of their property can be overwhelming if you don’t know where to start. However, with our property management monthly report to owner template, you’ll be able to give them complete oversight into how you’re making their investment work for them without overwhelming them with unnecessary details. Pair that with a property management software that automates several aspects of reporting and you won’t have to spend hours with your nose in a spreadsheet to gather the numbers you need. The result? A report that gives owners the confidence to leave their property in your hands.