Property management reporting made easy with Concurrent’s tenancy report tool

In the accommodation sector, knowledge is power. As a property manager, property owner, or investor, if you want to optimise your operations, identify risks, and seize opportunities, you need to understand exactly how your property portfolio is performing. Creating regular, detailed property management reports can help you do this. 

What is a property management report?

A property management report is a document that provides a detailed and comprehensive overview of a property, including insights into its financial status, operational efficiency, and overall performance. These reports are extremely useful for anyone involved in the property management process. 

What should a property management report include?

A comprehensive property management report should include several different components that reflect a property’s financial and operational efficiency. 

Income 

Income refers to any monetary gain that the property owner gets from the property. There will be several sources of income for each property. 

Property owners will receive the majority of their income from a property through rent. If you are reporting on a portfolio of properties, you should categorise this income by specific tenant or unit to ensure clarity. 

You can also receive income from a property through fees. These could include charges for resources offered to tenants, like parking, or fees for late rent. When reporting on income from fees, you should always include the fee type, amount, and frequency of collection. 

Expenses 

Simply put, expenses are the costs associated with a property. This could include ongoing operating expenses, utilities, maintenance costs, taxes, insurance, and any other miscellaneous costs. Expenses also include the cost of employing any staff involved in managing or maintaining the property. 

Net operating income 

Net operating income (NOI) is the income remaining after you subtract your operating expenses from the gross income. The NOI helps to demonstrate the property’s ability to generate revenue and remain profitable. If you have a negative NOI, this shows that your finances are in trouble. 

Cash flow 

Your cash flow represents the funds generated from your property that are available for immediate use. You can calculate your cash flow by subtracting all the property’s expenses from the rental income it generates. 

Debt service 

If the property owner purchased the property using a mortgage loan, then you need to report on the amount paid in debt service. This will help you to determine whether your property creates enough revenue to cover its debt obligations without placing any strain on cash flow. You should calculate a debt service coverage ratio, which compares the property’s NOI to its debt service payments. If your property has a debt service coverage ratio of less than one, then you are facing financial challenges that need to be addressed.

Occupancy rate 

Occupancy refers to the proportion of your properties or rooms that are currently occupied by tenants. Examining this rate will help you assess how successful you are at attracting and retaining tenants in comparison to the wider market. You can then identify potential opportunities for improvement.

Reserve funds 

Reserve funds are any liquid funds that you set aside for any potential unforeseen expenses in the future. This helps to protect you if you face any unexpected emergency costs, such as major repairs. Reporting on reserve funds shows that you are running a future-proof business and can be attractive to investors. 

What types of property management reports are there?

As a property manager, you’ll need to create different types of reports for different situations and purposes. 

Income and expense report 

This report should include a detailed breakdown of the property’s financial activity over the accounting period. The purpose of this report is to summarise the property’s net income once expenses and losses have been subtracted.

Owner statement  

The owner statement is prepared by the property manager to summarise the financial status of a property during a specific period (for instance, a month or a quarter). It should provide a detailed breakdown of any transactions or financial activities related to a property. 

Operational reports

Operational reports should offer an insight into a property’s operational efficiency by reporting on the daily operations of a property. This report should include the account ledger report, which provides a chronological record of a property’s financial transactions. It should also include any maintenance logs associated with the property. 

Occupancy report 

Reporting on occupancy data is important for both property managers and investors. This report provides insights into occupancy rates, tenant turnover and demographics, and leasing activity. 

Compliance report

This property-level report shows the key files and documentation linked to the property, such as gas safety certifications, Energy Performance Certificates (EPC), and other key certificates. The report should show when they were added and when they will expire, to ensure that property managers always stay compliant. Concurrent’s Report Builder allows you to create comprehensive compliance reports.

Why is property management reporting useful?

Property management reporting has many benefits for property owners, property managers, and investors alike. 

Informed decisions 

Carrying out clear and comprehensive property management reporting will help you to make informed choices about your property based on accurate data about its financial health. This will help you with key decisions, such as whether to change rental rates or make property improvements.  

Improve risk assessment  

Property management reports that focus on income and expenses can help you assess risks and opportunities more accurately. This can play a vital role in actively reducing risks and maximising your return on investment. 

Maintain transparency 

Keeping accurate records of your property portfolio’s financial and operational activity and performance helps to maintain transparency and accountability. If you are interested in attracting investors, then this is key as it helps to build trust and demonstrate that you can deliver a return on investment.

Assist resource allocation

Property management reports provide insights into how money is being spent on a property and the profitability of these decisions. This will help you to allocate resources effectively across your property portfolio.

Retain clear records 

If a financial or legal dispute were to arise with a tenant, you could use your property management reports as evidence. If kept up to date, they should provide a documented history of all financial transactions, which will help to protect your interests. 

What features should a good property management reporting tool have?

There are lots of property management reporting tools available on the market. When choosing a tool to use, you need to consider several key factors to ensure that you’re using the most appropriate and effective solution for your needs.

Customisable property management reporting templates 

Lots of property management reporting tools will have property management reporting templates available. These help to speed up the process of creating a report. 

However, while a template can help to structure the content of a report, it’s not always useful to have the look or design dictated to you by a template. Property managers are often drawn to third-party solutions such as PowerBI, OneDrive, or Excel as they want to control exactly how their reports will look. A good property management reporting tool should allow you to customise the templates to suit your needs. 

Concurrent enables our clients to create an API link to any third-party software or data portal they want to use for their reports. This allows you to access real-time, key data from our platform while retaining full control of the look, feel, and design of graphs. 

Streamlined data exporting capabilities  

Property management reporting tools should allow you to easily export the data from their system so you can access it at any time and keep clear records. 

Concurrent takes things one step further. While you can, of course, export data from our Report Builder at any time, if you have set up an API with a third-party portal like PowerBI, data from our system will flow automatically. This helps to increase the efficiency of your reporting, reduce hassle, and minimise administrative burdens. 

Ease of use 

When it comes to property management reporting tools, ease of use is key. When managing large volumes of data, it’s important to ensure that the tool you use is streamlining the process rather than making it more complicated.

Concurrent’s Report Builder is effortless to set up and use. You don’t need any specific technical knowledge to use it. We use a simple point-and-click report building template, which allows you to easily add or remove relevant columns and metrics and move them around.

If you’re using our API, things are even easier as data flows automatically from your account to your choice of data portal, with no input required.

Elevate your property management reporting with Concurrent 

With Concurrent, you can easily create and export custom property management reports. Choose from our selection of templates, customise them at the click of a button according to your specific needs, or use our API to seamlessly connect to third-party data portals. 

Want to find out more about how Concurrent’s Report Builder and Report Builder API could streamline and simplify your processes and elevate your reports? Get in touch with our Business Development team today to book a demo.