Property managers have a myriad of day-to-day responsibilities, including everything from showing properties to ensuring that units stay in impeccable condition. Reporting is an aspect of the job that can be less exciting, but is essential for business growth. Generating timely and consistent property management reports isn’t just something to do in the off-season or when you have time. These reports will help you analyze how you’re doing on the ground, so that you can improve your property management systems.
Track the Status of Tenants and Applications
When you have a property management system that solicits applications through a tenant portal, you can gather data about who’s applying and where they want to live. Learn more about your tenants by gathering data from those who visit your website. Invite prospective tenants to join an email list and ask them to check off boxes about the amenities, property features, and neighborhoods that interest them. Use this information to target your marketing campaigns and the listings and content you generate.
Use Property Management Reports to Understand Maintenance
Your maintenance program provides important benefits, but comes with a cost. Property management reporting helps you understand both sides of the equation. It’s important to understand how much it costs you to do a seasonal examination of the exterior of each of your properties, and how much you’ve spent on repairs as a result. Each of these repairs is an investment in property safety. When you implement a new maintenance program, compare old property complaints and tenant turnover with your results after the maintenance program is in use.
Reports also help you pinpoint the areas of greatest expense so that you can determine whether you need to change the way you maintain properties. According to the Property Management Insider, “without uniformity in spending, a property management company may pay different prices for the same items throughout its portfolio.” Expense reports will help you stay consistent in the amount you pay for certain services, as well.
Examine Property Changes Over Time
Documenting property changes is essential. Use property management software to house documents about past property inspections and create reports that outline consistent problems or repairs needed on a property. The key is to translate that raw data into useful insights for your business.
According to the Harvard Business Review, it’s “actionable, data-driven findings that create business value,” not just the data itself. For example, you can use maintenance and inspection records to examine neighborhood trends and decide whether you want to continue managing properties in an area with higher maintenance and repair needs.
Analyze Property Management Reports to Understand Your Marketing Impact
Are you marketing your properties in the right way? Property management reports help you track the changes in a particular property or neighborhood and correlate this data with information about your marketing investment. Examine the overall increase in inquiries over a specific time period to see whether a marketing campaign had an impact, or track the questions you’ve had about a particular neighborhood or type of property after a niche-focused marketing campaign.
Keep Owners in the Loop
You need to know how your business is performing, and so do your property owners. With property management software, you can create reports by date range, owner, or individual property. This gives property owners a full view of their investment with you and allows them to see expenses, income, and changes over time.
“It seems that everywhere, in every situation, Propertyware is keeping us organized.” – Dave Barron / Husky Property Management, LLC
When you’re looking for property management software, look to Propertyware. Not only can we help you develop property management systems that will transform the way you manage your properties, our property management software also allows you to report on what you’re doing, so that you can continually improve. Watch a demo and get pricing today.