Master Rentals: Weekly Report Template

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The term property management relates to duties and responsibilities required to successfully administer and oversee the real estate business. Property management is commonly referred to in the context of managing rental properties. The same usually follows a property lease tenant lifecycle starting with attracting renters and prospective tenants, screening them, devising ways of retaining them, and concluding the contract by coordinating the hand-over of the property, with tenants successfully moving out of the property. With more than 300,000 property management companies registered in the United States, the US property management industry is worth US 88.4$ billion in annual revenues and is expected to rise further. Property management employs more than 350,000 workers, and the national Real estate business generates 16% of the country’s GDP. Management companies typically create and follow property management policies and Standard Operative Procedures (SOPs) to maintain accuracy, precision, legal protection, create consistency in business practices and establish clear guidelines for handling all of the tasks listed above, and more. Managing the same can be made easier by using a Property Management Weekly Report Template, which can help users manage and monitor their duties, or requirements professionally. 

Property Management

Property Management Companies, Residents, Owners, Property Managers, Private landlords, and Community managers have to simultaneously manage and monitor a range of activities, bills, and expenses. If not managed properly, the same can turn out to be quite laborious, confusing, and challenging. For instance, besides creating listings for vacant properties, Property managers have to manage a range of tasks such as conducting move-in inspections, monitoring maintenance costs, etc. Management of the same as per a well-defined SOP ensures compliance with local, state, and federal regulations; and also helps maintain better control on rent, security, and termination notices. Residents living in an apartment complex need to manage work orders/bills, utility notifications, repairs, payments, and more. They prefer to access the same from the comfort of their homes on mobile phones using apps. A carefully designed Property Management Weekly Report Template can be used to monitor manage relevant taxing, marketing, admin, budgeting information, etc.

Property Management Automation

A property management report helps communicate the performance of a property, focusing on its particular goals or portfolio, and helping improve relationships by building trust between the Property Management Company (PMC), building tenants, and the property owner. A well-designed Property Management Weekly Report Template can help make the job of monitoring, measuring, and controlling various rental and property-related activities easier and more secure. There are several programs and software capable of conveniently managing the above functions, helping customers focus better on other tasks while maintaining total control of property management activities and their related expenses. For instance, ExactEstate offers its customers a state-of-the-art, easy-to-use, robust, cloud-based, property management portal that is user-friendly and convenient and also offers automated daily reporting, covering important property management functions. 

Property Management Weekly Report Template

A well-designed Property Management Weekly Report Template is comprised of several essential modules including details about the rent/lease agreement, listings (vacant, occupied, available), inspection checklists (move-in, move-out), repair, maintenance, cleaning, tenants, security, utilities, budgeting, accounting, insurance, and status of rent receipts.

Download: The Property Management Weekly Report Template

As is evident from the template above, a well-designed Property Management Weekly Report Template helps a property manager, or resident/owner, organize a list of properties on a dashboard, track project status, lease dates, etc. A vast amount of information can be easily viewed in the calendar view to gain access to critical information; monitor, manage, and control the same as per one’s priorities and or project milestones. Important information can be shared with Tenants and Landlords, also helping to enhance transparency between parties. Property managers can also use the template to coordinate and monitor work progress with their teams by delegating tasks and assigning properties, etc. Notably, almost 80 percent of property managers coordinate maintenance/repairs, rent, and fee collections, and more than 70 percent coordinate property inspections, advertise vacancies, and facilitate leases.  

Considering the speed at which technology is changing our lives, industry experts consult property managers to adapt to/invest in new technologies to stay relevant and competitive in the marketplace. Today a host of services including cloud services,  IoT, and integrated devices make it easier to stay connected to tenants, owners, and vendors. Now tenants prefer companies offering access to services such as free Wi-Fi in all rental units, smart-home systems, etc. The same is especially true of the Millennials and Gen Ze’s with younger tenants preferring the convenience of connectivity from their landlords/property owners and, or managers. Early adopters of new technologies shall reap the benefits of attracting greater volumes of business from the next generation who are comfortable with the internet and rely on the same for managing their day-to-day affairs (ipropertymanagement.com, 2021). ExactEstate Property Management Solutions can help you automate a range of tasks mentioned in the Property Management Weekly Report Template and much more. You may visit the ‘Why Us’ section on our website to learn more about how ExactEstate can help you manage your Property better.

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