The median property price in Saratoga Springs, NY has gone up 48.4% in the last 10 years.
This means that if you had invested in a $100,000 property 10 years ago, that property would be worth around $148,400 today. In simple terms, your investment would have outperformed any savings account on the market.
While investing in property is a great decision, managing your property is often the most difficult part. However, property management companies make your life easier and even draft property management reports on your behalf. This report outlines all the essential information you should know about your investment.
Interested in learning more about property management reports? Here are a few things every real estate investor should know about these essential reports.
1. What’s in a Property Management Report?
A property management report is a holistic document that’s dedicated to summarizing your investment property. This report includes your real estate income and expense statement, an account ledger report, and an operating statement.
This way, you can see exactly how much rental income your New York property brought in, and what expenses had to be paid.
2. Who Prepares Property Management Reports?
While it’s possible to draft a property management report yourself, it’s always a better idea to have real estate professionals do the heavy lifting. This is because they can draft documents with more authority than the investor.
Since the investor will have some bias, property management companies can draft accurate reports that you can then use for other commercial applications.
3. Benefits of a Property Management Report
The main benefit of having a property management report is that you can keep track of your investment.
However, this report can also help you grow your property portfolio in New York as it serves as proof of business income. Since the report was drafted by a third party, it comes with more authority than if you were to do it yourself.
4. Are Property Management Reports Accurate?
Property management reports are incredibly accurate. This is because the report is an outline of what the property management company has done with your money.
This means that they will attach bank statements, invoices, and other receipts to prove every transaction.
5. Are Property Management Reports Financial Reports?
Property management reports are not financial reports, but they can include some financial disclosures. This includes the total income received, the total expenses, and the gross profit before taxes.
While it’s advisable for a CPA to handle your financial statements, this report can help speed up the process.
Reliable Property Management Reports
Having property management reports compiled for you can help save both time and money. As mentioned above, these reports are incredibly accurate and come with a ton of benefits. While they help you stay on top of your investment, they can also be used to expand your portfolio.
Drafting these reports by yourself can take days, if not weeks. This is why it’s so helpful to have a professional property management company do it for you.
If you’re interested in working with a trusted property management company, don’t hesitate to contact us at VenoProperties today.