Visit http://www.herbsdeal.com for a FREE REPORT
Once you have a property manager or management company in place to manage your apartment complex, you'll need to be able to track their performance and the performance of your complex. There are four reports that are essential to tracking a property manager’s performance. The information from these four reports will assist you in evaluating the job that your manager is doing and will alert you to whether changes need to be made. Let me say right here that these 4 reports are needed at a minimum from any property management company, and if you are not getting these from your current manager, ask for them.
The first report is called the Profit and Loss statement. This is a standard report of income from the previous month and expenses so you can see your Net Operating Income (NOI). This report should be in your hands no later than the 6th. of each month so that you can make adjustments right away.
The second thing you'll need to review is the check register. You want to see what checks were written from the previous month. You can see where the checks are going and then ask the manager about checks that seem out of the norm. You also get an idea of whom the vendors are and you can question things that you do not recognize. The check register can also alert to you any other problems with the property. For instance, if you see an increase in the number of checks written to the plumber, you need to determine what the reason for that is by asking the manager.
An occupancy and traffic report can help you analyze where your tenants are coming from and what marketing campaigns are most effective. This report can alert you to which units are empty, rent ready and which ones are not. The worst thing to have happen is to have vacancies that are not rent ready and someone shows up who is ready to move in that weekend.
You can create the occupancy and traffic report using an Excel spreadsheet. Your onsite manager then fills it out on a daily basis. Each row is a day of the month and each column includes number of calls, number of showings, number of applications sent out, leases signed, follow ups, referrals, leads from ad sheets, leads from signage, leads from walk-ins, and leads from merchant coupons.
By looking at this report, you can see the relative amount of activity. If you are getting activity but not converting, then you need to find out why. That tells you that you need to re-evaluate your process and/or hold the manager accountable.
The fourth report is the work order report (Maintenance Report). When a tenant calls in with maintenance problem there should be a work order filled out that begins the process. A work order summary log should include all the information about the work to be done, the date and time the tenant called, etc. The maintenance work order log lets you know that your tenants are being taken care of.
Whoever is managing your property needs to have a work order log. You want to see how long it takes for a work request from a tenant to be completed. You don't want the tenants waiting a week for things to get done. Customer service must be a priority with your tenants.
These four reports help you to monitor the overall health of your property. Good property management is the backbone of retaining good tenants and keeping your property manager accountable is crucial to your property being a money-maker for you.
Visit http://www.herbsdeal.com for a FREE REPORT
48201 48208 48215 48222 48229 48236
48202 48209 48216 48223 48230 48237
48203 48210 48217 48224 48231 48238
48204 48211 48218 48225 48232 48239
48205 48212 48219 48226 48233 48240
48206 48213 48220 48227 48234 48242
48207 48214 48221 48228 48235 48243
48244
No comments:
Post a Comment