Were you aware that almost 35% of Utah residents rent instead of owning their homes?
As a property manager, it's crucial to understand how to maintain owner statements effectively. That way, you can avoid costly mistakes or even legal trouble.
Do you feel in over your head? Keep reading to learn about three valuable tips to organize owner statements for your properties.
What Is an Owner Statement?
To be clear, an owner statement is a type of financial report. It provides property owners with a detailed summary of their property's income and expenses. This includes details regarding rental income, maintenance costs, repairs, and more.
These statements are essential for property owners. They make it easier to track their investments and make wise decisions.
1. Outline a Systematic Approach
Do you want to keep owner statements well-organized? If so, it's essential to establish a systematic approach. Begin by creating a standardized template that includes all the necessary info.
This template should meet your property management company's requirements. It should be easily understandable for anyone looking over the documents.
When recording transactions, ensure consistency in how you document income and expenses. Use clear headings and categories. This can include rent payments, utility bills, and repairs.
Property managers can streamline the process by following a standardized approach.
2. Maintain Accurate and Timely Records
Accuracy and timeliness are vital factors in maintaining owner statements. Property managers should maintain meticulous records. This includes keeping track of rental payments, lease renewals, vendor invoices, and other financial documents.
Regularly reconcile the records with bank statements to confirm accuracy. By doing so, property managers can identify any discrepancies and fix them.
It's also crucial to update owner statements as soon as possible. Most managers do this every month. This allows property owners to stay up-to-date with their property's financial performance.
3. Take Advantage of Property Management Software
There's no denying that digital solutions are cutting-edge. This means that property management software has become invaluable for efficient property management.
You'll have robust features for generating owner statements. These software solutions can automate various tasks and streamline record-keeping. They can also generate comprehensive financial reports.
Are you wondering what else you can do with modern property management software? Property managers can easily input and categorize income and expenses. The software can also calculate totals.
You'll love that it can generate charts and graphs. You'll always have a clear summary of the property's financial performance. This not only saves time but cuts down on possible errors, too.
Now You Can Handle Owner Statements With Ease
You can stop stressing about owner statements once you have the right software solution. That way, you can put your time and energy into other important property chores.
If you'd like to feel even less stressed, look no further than our premier solutions. We will ensure that your Salt Lake City properties are run efficiently. That way, you can make the most profit possible.
Contact a Wolfnest expert today to learn more and find the perfect plan.