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Tampa Residential Property Management Service.

Langee Realty Inc. (813) 333-5263

Serving Tampa bay area of Florida since 1996.

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Why You Should Get Financial Reports from a Property Management Company

The whole purpose of you being a landlord and owning an investment property is to get a good return on your investment. Most landlords will acquire the funds to purchase a rental property with a bank mortgage. You will need to make sure that the rent you receive covers the cost of that mortgage as well as any maintenance and property management fees.

The best way to become a successful landlord is by running your investment property as if it was any other business. Business owners rely on financial reports to keep a check on how their business is performing, yet many landlords havenít even considered using financial reports to check on how their property investment is doing.

Having an up to date financial report for your rental property will enable you to see how all aspects of your investment are performing at any time.

What Is a Financial Report?

A financial report is a way for you to see all the rental income and any expenses relating to your rental property in one place. A financial report can be paper based or provided via the internet.

The report will include a dated and itemized list of all rent payments on your property, any repair and maintenance costs and any property management fees. With a financial statement, you will be able to see at a glance how much profit you have made on a month by month basis after mortgage payments have been deducted.

Why Should I Have Financial Reports?

A regular financial report is imperative to ensure your rental property is performing well and giving you a return on your investment.

Without an accurate financial report, you would need to gather all the separate rent records and expense receipts and try to calculate a return. Even if you manage to get a figure, itís difficult to get a clear and up to date picture of your rental property without the regular, accurate financial statements that can be provided by a property management company.

New landlords also often forget about their tax liabilities. A financial report will provide you with an annual statement of rental income that can be used to calculate any taxes owed and to give to the IRS.

What Information is Included on a Financial Report?

A financial report will contain all the information you as a landlord needs to track the performance of your rental property.

With a financial report, you will be able to track occupancy with move in and move out reports. From this you will be able to see how attractive your rental property is to tenants and how long they stay for. You will be able to see the details of your tenant, how long they have been in the property for and whether they renew the lease.

Also included on the financial report will be a detailed itemized list of all the rent payments received. You will be able to see the date the rent was received and if you offer multiple payment methods, by which method. You will be able to see which tenants are paying late and act quickly on that information.

A financial report will also include a detailed itemized list of expenses relating to your rental property. This can include any repair and maintenance costs and any property management fees. This will enable you at a glance to see the costs involved in keeping your property and to make sure it is providing you with a return you're happy with.

The best aspect of a financial report is that all the information is in one place. Instead of having to search around for endless pieces of information to enable you to piece together a picture of your rental property, financial reporting enables you to regularly and quickly keep track of your property giving you complete control over its success.

Treating Your Rental Property as a Business

Many landlords, especially new ones, do not get the returns they should be getting on their investment. This could be because they donít see their rental property as a business and may be treating their investments more like a hobby.

When landlords start treating their rental property with the systems and organization that would be used with any other business, great things can happen and the return on investment can soar.

No business can be successful in the long run if more money is going out that money coming in, so having up to date financial reports is crucial if you are to make sure this does not happen with your rental property. Most of the successful and experienced real estate landlords learned early on the benefits of running their rental properties as a business.

Why You Should Get Financial Reports from a Property Management Company

Getting regular financial reports from a professional property management company can take a lot of the guess work out of managing you property investment.

A good property management company will use advanced professional management software to effectively manage, record and analyze every aspect of your property.

The professional software is designed specifically to help property management companies and landlords work more efficiently and effectively managing the day to day running of the property. It includes a completely integrated accounting system that offers a general ledger, accounts payable, accounts receivable, budgeting and the ability to provide detailed and accurate financial reporting.

If you are a new landlord and donít want to deal with the process of working out your income and expenses, hiring a property management company to provide you with accurate financial reports can bring real benefits.

If you are a landlord that owns more than one rental property, trying to keep track of all the different rent payments and maintenance expenses and recording them against the right property with traditional methods can cause a lot of stress. Hiring a professional property management company to handle this for you can give you more free time.

The best and most successful landlords see their rental property as a business and having accurate financial reports allows you to run your investment efficiently and effectively.

We can provide a professional financial reporting service for landlords in the Tampa, Florida area.

Online Comprehensive Financial Reporting on Your Tampa area Rental Property

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Langee Realty Inc. (813) 333-5263

3125 W Hillsborough Ave Tampa FL 33614

We are open Monday to Friday 10:00 to 6:00

Serving Tampa Bay Area since 1996

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