Madison Management Enables You To Write Better Reports For Property Owners

Writing a monthly report can be monotonous. However, it has the potential to present a lot of useful suggestions to the owners that may increase income avenues or at least minimize expenses. Here is how you can make the report interesting and informative for your clients.

Income analysis

The income analysis should generally be conducted at the end of the month or when all the tenants’ payments have been received. A tally with the rental budget should be made and any discrepancies should be brought to the property owner’s attention. The report should also have details about any scope of increase in the rents of tenants, or any other avenues of income. The landlord needs to be assured that they have a steady flow of income and their property is making a satisfying return on investment that is feasible according to the prevalent conditions.

How the money was spent

Your client needs to know about all the money that was spent on their property. Make a detailed list of all the repairs that were made, all the maintenance charges that were cleared off and all other debts paid. Madison Management services advice you to take the report a step further by including details about where the money was sent. If a stairwell was repaired include the before and after images. Your client will be happy to see that their money was spent well.

Arrears and legal suggestions

Although Madison Management advice that you should minimize pending payments, there are some that are bound to crop up. Instead of just stating the amount, state the plan of action that you hope to implement to retrieve the amount. Also, if this has been a recurrent thing with a client suggest what legal actions, if any, the client can take to ensure that the tenant clears dues as soon as possible.

Lease Documentation and changes

Multiple tenants will require that you make multiple updates and keep a tab on all of their leases. Any new additions to their lease or to their documentation will have to be reported back to the owners. Another thing that you need to be careful of is the end of the tenure of a particular client and suggest what you can do to minimize vacancy on the property.

Market Trends

Madison Management services include a section in their report that talks about upcoming trends or news about commercial real estate that may prove interesting to the owner. Another things that you can do is keep a track of any changes in the zoning laws of the area and predict its effects on the property.

I am John Daniel, A US based Real Estate Professional and Blogger. With experience in real estate of more than 10 years, the above mentioned article is solely based on my experiences with madison management .