Wouldn't it be nice to know exactly how one of your Merced, CA rental properties is doing within a matter of just minutes? You can perform a complete rental analysis by sneaking a peek at a property management report.
You'll be able to get your hands on a property management report when you work closely with a great property management company in Merced, CA. It'll provide you with critical data that you can use as part of your real estate asset management process.
So, what will you find in a property management report? There are a variety of things that should appear in it.
Continue reading to learn about some of the things that'll be included in a property management report.
Income and Expense Statement
Ideally, you want a Merced, CA rental property to bring in enough income every single month to offset any expenses associated with it. It's the only way you'll be able to use a rental property like this to generate enough passive income.
With this in mind, one of the first things you'll want to look for in a property management report is an income and expense statement. It'll list the income that a rental property generates along with any expenses stemming from it to show you whether or not a rental property is making money each month.
Owner Statement
As the owner of a rental property, you're going to start and end every month with a certain amount of cash connected to your rental property portfolio. It'll be important for you to keep tabs on your beginning and ending balance to ensure you stay in the black as opposed to slipping into the red.
An owner statement will let you know how much cash you start off with each month and how much cash you have by the end of the month. You'll need to make sure you're consistently staying in the black and adjust your approach to your rental property if this isn't the case month after month.
Operating Statement
If you have more than one rental property in Merced, CA, an operating statement will make an appearance in your property management report. It'll spell out how your rental properties are doing across the board. It'll also show you how well your real estate portfolio is doing as a whole.
You will, once again, want to aim to make as much money as you can with your rental properties. If you notice that you're not doing that after seeing your operating statement, you'll know it's time to make some changes to the way you're doing business.
Start Using Property Management Reports to Your Benefit
Now that you know what's in a property management report, you should begin using these reports to your advantage. A good property management company can set you up with one each month.
They'll also be able to assist you with real estate accounting and portfolio management as a whole. Chosen Property Management is the company you can count on for all your property management needs.
Contact us today to hear more about how we can help you.
