Today, I’m excited to dive into what makes our End of Month (EOM) report so special. It all started when a client wanted to be ahead of the curve, staying in the know about their finances before any surprises popped up. Since then, we’ve fine-tuned this process and have helped bridge the gap between property management operations and property owners’ peace of mind. For us, this isn’t just about sending out a report; it’s customized for each property, and crafts a narrative that aligns with each property owner’s concerns, preferences, and objectives.

Here’s what sets our EOM report apart:

At the heart of what we do is this simple idea: every property owner is one of a kind. It’s what drives us to make sure that each EOM report we send out is as unique as they are. It’s all about customizing those reports to match up perfectly with each owner’s expectations, wants and needs.

We start off by giving you the rundown on what’s happening at the property – who’s moving in, who’s moving out, and the status of vacant units. This part is super important because it sets the stage for us to dig deeper into how the property is doing financially and operationally. Are we getting more rent than the outgoing tenant was paying? Has advertising started? What kind of traffic are we seeing / anticipating? This is part of the info our owners receive.

Moving on, we dive into maintenance and repairs. We’ve noticed that property owners have different preferences here – some love getting into every tiny detail, while others prefer the big picture. So, to meet everyone’s needs, we’ve structured our report accordingly. We’ve added sections for larger expenses over $500 to ensure we cover all bases. Additionally, we include a breakdown of upcoming expenses such as taxes, insurance, turnover costs, and capital improvements.

Finally, we make sure to highlight the key actions we’ve taken – timely rent collections and on occasion evictions, addressing potential property hazards, securing cost-saving bids, making budget-friendly enhancements, and capturing tenant compliments/complaints if noteworthy. We want to give the owners a comprehensive overview of how things are going and what we’re doing to keep their property in top shape.

One of the standout features of our EOM reports is the inclusion of photos. We make sure to capture the current state of the property, along with before and after shots of any maintenance work or renovations done during vacancy turns. These visuals are powerful, giving property owners a clear picture of where their money is going. For instance, let’s say we wanted to replace some fascia, only to discover extensive wood rot underneath. What started as a $10,000 job could quickly escalate into something more expensive. These photos let property owners see firsthand the challenges we’re facing, highlighting the importance and effectiveness of the actions we’ve taken.

The EOM report has become more than just a document—it’s a key conversation starter with property owners, guiding discussions on the future of their investments. It’s all about building a trustworthy and transparent relationship by providing detailed financial insights and planning for major expenses ahead of time. Our goal is to foster a partnership based on clarity, informed choices, and trust. By customizing our reports, predicting financial needs, and using visuals for better understanding, we’re not just managing properties; we’re carefully looking after investments and aligning our strategies with each owner’s unique needs. This approach is the essence of property management for me: forward-thinking, transparent, and tailored to every client.