One of the most important things that a property manager needs to do is keep in-depth and accurate information on their business and the properties they watch over. While reporting might not be the most exciting part of the job, it is vital for gauging the health and success of the business, which is important for both property managers and their property owners. Additionally, when it comes to building a property management report, it is important to make sure that the right information. Neglecting to include necessary information means that property owners can’t make informed decisions about their business, and including unnecessary information wastes the time of everyone involved. As such, if you are a property manager, you should review this helpful guide, which goes over what does and does not belong in a property management report.
What To Include In A Report?
Most property management companies and professionals have their own specific property management reports, each with their own specific requirements. That said, there are four specific reports that will be necessary to include in any property management report. These include:
- Income and Expense Statement: A report that shows the flow of income to a property and the payment of any expenses. Such expenses are typically broken into various categories, covering the total income and expenses, along with the property’s current financial balance.
- Operating Statement: This report assessed all of an owner’s properties as a portfolio, showing their monthly balances over a set period of time. This includes the properties income, as well as expenses such as management fees, utilities, and taxes.
- Owner Statement: Sometimes referred to as an Owner Cash Report, this report is similar to the income and expense statement. It defers in focus however, as it includes beginning and ending balances, along with any reserve targets that have been set.
- Account Ledger Report: An account ledger report is typically the most in-depth document included in a property management report, as it covers every debit or credit transaction posted on a property ledger. All transactions include the date, a description, category, and the amount spent.
Though these are the four most common reports to include in a property management report, there are other owner reports that should be included as needed. This includes completed work orders and monthly statements, along with reports covering unique situations like vacant properties. On top of whatever monthly and or quarterly reports they submit, property managers should include a detailed annual report that covers necessary repairs, code violations, and anything else that the owner should know about the current state of the property.
 Peake, H. (2020, January 21). What Is Included in a Property Management Report? Rentec Direct. Retrieved from https://www.rentecdirect.com/blog/property-management-report/
What NOT To Include In A Report
Given how important it is to include in-depth information in property management reports, it is rather easy to go overboard and include reports that are not necessary or relevant. This is ultimately a waste of time for both the property manager and the property owner, so it is important to be mindful of what does and does not need to be included in a report.
A few examples of documents and reports that you typically do not need to include are:
- Delinquent Tenants Reports
- Tenant Screening Reports
- Vendor Ledgers
- Rent Rolls
Granted, all of the information in these reports is important and useful, but it is usually unnecessary to include them in a property management report. This is mainly because they include information that an owner either already has or doesn’t need to be burdened with. Tenant information like this is typically the domain of the on-site manager, as the owner usually doesn’t engage directly with the people staying on their properties. If for some reason the owner requests this information then include it, but it simply isn’t what most owners are looking for when they receive a property management report.
 Peake, H.
The Importance Readability & Detail
Something that’s important to remember when creating a property management report is that it must not only include all of the necessary information that an owner would need, but it must also be easy to understand. This means using effective software that allows you to run a report from any date range, allowing the owner to evaluate their properties from any angle. Accessibility and ease of use is vital when communicating with a property owner, as the information included in a property management report will often determine whether or not a manager continues to work on a property. After all, property management reports are more than just a manager’s due diligence: they are the pulse of the business itself, a bill of health that shows just how strong a business truly is.
 Gathright, W. (2017, October 24). 10 Features Your Property Management Software Should Have. TenantFile. Retrieved from https://tfblog.tenantfile.com/2017/10/10-features-your-property-management-software-should-have/