Property management is more than maintenance. It is effectively business management. A good property manager is the CEO/COO of a corporation, responsible for strong fiscal leadership.
State of the business reports: The balance sheet and the income statement
There are two reports that they have to sign off on every year, if not every quarter:
- Balance sheet: A financial statement reporting a company’s assets, liabilities and shareholder equity;
- Income Statement: This is the profit and loss statement or statement of revenue and expense.
In layperson terms, the balance sheet tells the property owner what their investment is worth at the end of the fiscal period, and the income statement states how much income they had from the investment (if any).
Ongoing reports: Accounts receivable, accounts payable and rent roll reports
There are three reports that property managers have to be ready on-demand:
- Accounts receivable: This report gives line of sight to owners and managers on the monies that are receivable from tenants. It includes rent, security deposit, utility payments, delinquency status (if any). These numbers should be available at a unit level and at aggregate level.
- Rent roll: This contains lists of all tenants at a property with critical information on each tenant’s lease including the monthly rent amount, status of lease, term of lease, among others.
- Accounts payable: This report refers to the monies the property owes the suppliers (such as contractors) for goods and services that have been provided, including terms of payment. This report should also include the monies DUE to the property managers from the owners.
Dues to the property manager
The dues to the property manager are key to keeping hygiene in the relationship to the property owner. Not only does Dwello help with the operational reports listed above, Dwello also helps the property manager and contractors get paid in a timely fashion. Because Dwello uses Interac in Canada, the payees can get paid same-day as the rent payment by tenants. The system can be set up appropriately.
To learn more about Dwello’s reporting capabilities and the rent deposit splitting capability, use the contact form below.
