Whether you’re running your community analytics through your property management software or are calculating everything manually, you should have these big picture analytics available frequently. Whether it sheds light on your operating expenses, successful traffic sources, or frequent delinquencies, here are the top 4 property management reports you should have your hands on.
- Profit & Losses
Checking up on your property’s profit and losses (P&L) every month or so can help you make sure your property is in check budget-wise. Whether you’re calculating your gross income, operating expenses, non-operating expenses, net income, gross potential rent, and last month’s income manually or you have a property management software that does it automatically, it’s good to have a big picture look on your property.
- Traffic Sources
I’m not going to lie; it can be difficult to collect accurate stats where your leads are coming from. Some property managers ask applicants what website they found the listing on their application, while others stick to Google Analytics to track link clicks. No matter how you get this information, take some time to compile that data together so you can help your community save money on marketing in the long run.
- Lease Expirations and Lease Renewals
These are technically two reports, but both are equally as significant. You should be tracking all your lease expirations, monthly, so you can start preparing. If your tenant decides to renew their lease, you’re going to want to track the renewal process as well. Seeing an overview of both of these reports can help you prepare for busy times in the year and stay on top of leasing on a month to month basis.
- Delinquency Report
While it might be unnecessary to manually create delinquency reports, if it’s included in your property management software, you should utilize it! Delinquency reports can give you a big picture look on how many (and how many times) tenants have been late on their rental payments. By looking at how frequent delinquencies are, you can determine if you should propose to raise late rent fees or change your policy to a daily late fee (versus a flat late fee). One client using www.CICTotal.com’s property management software even increased their revenue by $4000 within the first month after utilizing this report.
It’s unrealistic to expect to manually produce all these property management reports on top of your day-to-day community management tasks. While we’d recommend using a property management software that automatically produces all these reports, if you’re unable to make the switch at this time, pick just one or two reports to generate on your own.
What reports do you find the most useful when managing your communities? Let us know in the comment section below and subscribe for more updates!
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