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Property Management – Canoga Park – Types of Reports for Property Management

CANOGA PARK PROPERTY MANAGEMENT

The property management’s responsibility is to report to to the owner of the building how the building is profiting, the maintenance and service needed on the facility and the vacancy status. Effective property management of real estate properties keeps buildings well maintained and running efficiently with minimal vacancies, without the owner always having to be physically present. The property manager documents the building’s income and expenses, building maintenance and vacancies, on reports for the owner.

According to the book “Property Management,” by Robert C. Kyle, the “Income and Expense Report” is the most important report of real estate property management. It shows how well a property is doing financially with income records such as apartment rentals; soft drink, snack and other vendor contracts; and storage and utility payments. After deducting the expenses of wages, utilities and maintenance, an income and expense report shows available cash flow.

The owner of the property assesses the condition of the building from a “Building Report” prepared by a property management company who identifies maintenance, repairs and service matters. Hiring security, removing trash, landscaping and cleaning are also required services for the building report, as well as on-going maintenance of heating, ventilation and air-conditioning systems. Building facilities such as a swimming pool, tennis court, gym and parking, require specialized maintenance.

Owners of the building rely on the property manager for a weekly “Vacancy Report” to understand how the property is performing. A vacancy report lists apartments by size and includes details of when units are vacated, the reason for the vacancy and the date the unit is to be rented to the next occupancy date.

By Priti Ramjee

Since 1946 the Carnahan name has had a reputation for honest and ethical Real Estate Property Management services in the San Fernando Valley, Santa Clarita Valley, Burbank/Glendale, Los Angeles, Westside and Conejo Valley areas.

The reason for our success is helping owners like you when they need it. Below is a partial list of property management services we provide to help you protect your real estate investment.