Atlanta, Georgia is an attractive destination for renters thanks to its strong real estate market, wide variety of neighborhoods, and wealth of activities for citizens. So, if you own an investment property in this area, you should thrive as a landlord.
The best way to maximize your rental returns is by hiring a property manager to help you limit vacancies, save costs, and keep track of your property's performance. Owner statements and reporting are key to maximizing the profits from your rentals.
Read on to discover what's included in property owner reports and why they're important.
Understanding Property Owner Reports
Atlanta rental management services work with diverse clients and provide landlord reporting tools based on their individual needs. They also print some reports to help them gauge how well they're serving their clients.
These reports include tenant screening reports and delinquent tenant reports. Most private landlords don't receive this information.
Property owner reports include information tailored to suit the property owner's portfolio.
What's Included in Owner Statements?
These Atlanta property insights help landlords identify areas for cost savings and are vital for completing their tax returns. They include the details necessary to calculate accurate payments and deductible expenses.
Landlords usually receive the following monthly reports from their property management company:
Income and Expense Statement
This report details the property's income flow as well as the operating expenses associated with it. Examples of income include rent, parking fees, security deposits, and late fees.
Expenses might include maintenance expenses, mortgage payments, utilities, etc. Each income and expense statement usually has the following sections:
Categorized income
Total income
Categorized expenses
Total expenses
A final line item includes the difference between total income and total expenses. If your costs exceed your income, the report will have a negative balance at the end.
Owner disbursements fall under the expenses category in this report.
Owner Statements
Owner statements are like income and expense statements in some respects. They include the following items:
A starting balance
Income according to categories
Categorized expenses
End balance
Reserve targets
Reserve targets refer to funds held to pay for unexpected expenses. They aren't included in the available balance for the property.
If you own multiple rental units, the owner statements usually have a cover page summarizing these details for each property.
Operating Statement
An operating statement provides an overview of a property's performance over time. These reports can be customized to feature individual properties and different periods as preferred.
This allows you to compare your portfolio's performance overall or view individual properties' financial records.
Account Ledger Report
An account ledger report is like a bank statement. They list every transaction associated with a property in one place.
These reports are also customizable according to dates or specific properties.
Get the Most Out of Owner Statements and Reporting
Platinum Property Management is owned and run by property investors who understand the unique needs of Atlanta property owners. We are your first port of call for property management in Atlanta, offering a full range of services to help you thrive as a landlord.
We provide you with detailed owner statements and reporting and can help you decipher this information to your advantage. Let us help you make the most of your Atlanta investment properties.
