Monthly Progress Reports (Itemized Statements) for your OKC Rental Property (Part 2 – oklahoma city property manager)
There are several reports that are MUST HAVES from your oklahoma city property manager. This blog post is the 2nd part in a 4 part series. This article tells you the two critical progress reports your property management company should receiving.
If you aren’t getting the right reports done the right way, it’s like trying to drive your car with blinders on.
#1 Monthly Itemized Statements
One individual who recently transferred her properties to our management company was not receiving any type of itemized statement from her management company. Big red flag.
Was the management company stealing from her? Clearly, she didn’t have any way to know. She was very relieved when she saw how well our itemized statements break down all the details in an easy to understand format.
Your monthly itemized statement should clearly state the period covered, all income collected, all expenses paid, and the specific OKC rental properties in question.
You should be receiving those monthly statements the same time every month. They should come to you like clock work every single month. In addition, you should have a clear expectation from your manager as to when the statement will be provided. The management company sends rents to the owner when the oklahoma city property manager delivers the monthly statement.
OKC Home Realty Services, LLC targets getting them out by the 10th so that our clients can make their mortgage payments by the 15th.
You should be able to receive these items either electronically or by mail. Most of our clients the convenience of simply receiving their statement by email. The oklahoma city property manager deposits the rents directly into the owners bank account.
#2 Annual Itemized Statement
You should also receive an annual itemized statement corresponding to your tax year calendar from your property management company. It should tabulate all income and expenses on a per property basis for the calendar year. That way, you can provide this statement directly to your tax accountant. You will not have to go through all your monthly statements and add things up yourself, which would take forever.
Part 3 in the series talks about the type of rental property inspections your property management company should be doing.