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What Investors Should Know About Property Management Reports

Each month your property manager will send you a monthly report. Each company has its own format, using different property management software and internal processes. However, you should receive the following:
A one-page summary that highlights key issues about the property, e.g., one tenant is 30 days behind on the rent.
Income & expense statement. This should be a short statement showing the base rent, Common Area Maintenance (CAM) charges for each tenant, rent and CAM payments received from each tenant. It also shows maintenance expenses and management fee; so you may quickly determine if each tenant has paid rent or not. This statement itemizes all of the income and expenses which may include:

Late fee: when the tenant pays late, he has to pay the rent plus the late fee. The late fee amount is normally stated in the lease. Normally, when the tenant pays late, the property manager has to do extra work to collect it. The amount of work depends on whether the tenant is too busy to mail the rent check, does not have the money or simply does not want to pay. The property manager will try to convince you that he is entitled to the late fees as an incentive to collect the rent. However, one can debate that it is a reward to the property for a lousy job. You as the investor suffer the damage when the tenant does not pay you on time so you should receive it.

Management fee: this fee is usually a percentage of the monthly income from the property that both you and the property manager agreed in the management contract. If you have a very stable property with the same income every month, then the management fee is the same. Otherwise, it varies from month to month.

Leasing fee: you typically see this when there is a new tenant or a renewed lease. This fee is normally around 6% of the base rent for the life of the lease. However, when the property manager is also the leasing agent you should ask for 4% fee.

Security/Fire Protection: your property may have fire & security monitoring services.

Electricity: this is most likely for parking or common area lighting as each unit normally has its own meter.

Water: this is for both drinking and irrigation.

Disposal: this is for garbage collection paid to the city.

HVAC repairs & maintenance: this is the maintenance costs for Heating, Ventilation and Air Conditioning. Usually, there is a service contract for HVAC whereby the maintenance company will inspect the HVAC twice a year: once before the winter and once before the summer. So, you may receive the service bills only twice a year.

Garbage dumping: sometimes people dispose their unused furniture, mattress on the property because there is no one around at night. The maintenance crew may have to clean up these things. Normally, you or the property manager will want a picture of the dumping to make sure that it is a legitimate bill.

Landscaping: this is often the biggest expense item. Typically, the landscaper signs a one year contract to maintain the landscaping on the property, such as mowing the lawn, trimming the trees/shrubs, and planting flowers. Thus, the monthly payment should be the same for the whole year.

Sweeping: the parking lot is usually swept daily, either late in the evening or before the tenants open for business. In the winter, there may be an expense for snow removal.

Steam cleaning: the concrete sidewalk is normally steam cleaned once a month. This is done by the same company that handles the sweeping and landscaping.

Roof maintenance: the roof of a commercial building is often flat and requires regular maintenance especially during the rainy season. The roofer may charge each time he is called to fix a roof leak. So, this is not something you see on the statement on a regular basis.

Supplies: there are various things on the property that have to be replaced periodically: light bulbs, trash bins, sprinklers, etc.

Bank charges: sometimes the tenants pay by check with non-sufficient funds. The bank will charge a fee each time the check is bounced.

Legal fees: you may see this if the property manager has to evict a tenant.
As a rule of thumb, you should not spend more than 30 minutes to review the management report of a retail property with 10 tenants. If you have to spend much more than that, then your property manager has sent you too much information or not organized the report properly.The property management company often proposes an annual maintenance budget for the property based on the prior year’s maintenance expenses. Each tenant is then billed a fixed monthly amount, proportional to the size of his unit. Thus, the base rent and CAM charges are the same each month; so, the tenants may expect to pay a consistent amount each month. Annually, between January and March, the property manager reconciles the accounting for the prior year. If the actual expenses exceeded the budget, the tenant will have to pay his share of the difference. In the event, the actual expenses were less than the budget; the tenant will be refunded or credited back the difference.Do’s and Don’ts
Use email for most of your correspondence. This will allow you to have records (date, time) of all issues sent and received between you and the property manager. You may want to set up the mail option such that it automatically will save all out-going mail. In addition, you may want to create an email folder for each property and keep all email messages related to that property in that folder. This allows you to find information quickly.
Ask the property manager to email to you the monthly reports. You should save all of the reports on your computer. Time and time again, you will need to look at a report from a previous month. The easier and faster you can access them, the more likely you will do it. Paper reports are much more time consuming to retrieve.
Have a copy of the rent roll handy with rent rate, lease start date, lease expiration, and CAM share portion. When you are asked to approve a new lease, check to make sure it does not expire on a year when you have several other leases expiring. This minimizes the risk of high vacancies on your property.

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All About Healthy Lifestyle

To you, the term healthy lifestyle might mean an uninteresting lifestyle rife with carrot juice, but that simply is not true. Having your body’s well-being in mind while living is not as hard as one might believe, it will definitely makes you live longer. Life is beautiful and you don’t want to bog yourself down with needless health problems. Today, your vital organs (kidney, intestines, heart, gall bladder, lungs, liver, stomach, etc) may be working well, but they may not be tomorrow. Do not take your good health today for granted. Take proper care of your body. Good health isn’t just about healthy eating and exercise – it also includes having a positive mental health, healthy self-image and a healthy lifestyle. A long road of happiness and enjoyment still awaits you with these changes if you do it right. Healthy living is within your reach, start it today. Sure, healthy living is a continuing commitment. But there are steps you can take right now that will make your today healthier than your yesterday and pave the way for healthy living tomorrow, too.

Do you want to live a healthy lifestyle and leave your couch potato days behind? All you have to do is follow a few simple steps highlighted below:

1. Exercise Whenever Possible. This does not necessarily mean stretching to aerobics a few times a week; you can do it as you go about your day, too. Instead of taking the elevator, use the stairs. Instead of driving to a place not that far away, walk. There are many things that you can turn into a workout when you have them in mind. If you wish, you can have you friends and family members join you in your tasks. The involvement of more people will help you to be able to keep yourself motivated. Not just a few times a week, but every day. Movement is life. Exercising daily brings incredible benefits to our health, including lowering of risk of diseases, increase of life span, higher bone density and weight loss. Increase activity in your life.

2. Eat Healthy: This is very significant. You are willing to finish off that cake that a neighbor brought over; it will only lead you to trouble and undesirable pounds later. Look into recipe book that specialize in utilizing fruits, vegetables, and other healthy ingredients instead of giving in to sugary sweets. Fruits are a plethora of vitamins and minerals. Fill your palate with watermelon, apricots, avocado, apple, cantaloupe and so on.

3. Cut Down on Stress. You are putting a lot of strain on your body when you worry, this can lead to health problems if left unchecked. Listen to comforting music, take time to relax and maybe go in for a hobby that will make you stay busy.

You are not only benefiting yourself when you change your ways and adopt a healthy lifestyle, but also those who care about you. No matter what anyone might say, taking care of your body is of the utmost importance. Always remember, you are not meant to be a couch potato; not if you don’t wish to be.