About 45% of homes in Saratoga Springs, NY, are enjoyed by renters instead of owners.
If you're renting out one or more of your properties, you know how challenging it can be. Being organized can make the difference between failure and success.
An owner statement helps you keep track of your property's financial performance. Are you wondering how these statements work? Keep reading to learn about setting up owner statements for real estate investors.
What Is an Owner Statement?
Any owner statement outlines the financial details of your property. It provides a breakdown of income and expenses related to your real estate investment.
This statement gives you a clear picture of how your property is performing on a financial level.
Why Owner Statements Matter
Owner statements offer several benefits to real estate investors.
An owner statement lets you see how much money is coming in from your property. Aside from rental income, you'll also know how much is going out. This can take the form of maintenance, taxes, and utilities.
You can determine whether your property is making a profit by comparing income and expenses. If you don't profit, it's time to get professional help.
Come tax season, owner statements provide precise financial data to help you prepare your tax returns.
Are you not the only one owning property? If you have partners, co-owners, or property managers, owner statements help with transparent communication. That way, they'll be in the loop about the property's financial status.
Real Estate Owner Statements Step-by-Step
Are you feeling overwhelmed by all these property owner statements? Creating these statements involves a few essential steps.
You can start by collecting all financial records related to your property. This includes rental income, expense invoices, and other relevant financial data.
You can use software or templates designed for owner statements. These often have pre-set categories for income and expenses, making it easier to organize your information. Property management companies often have cutting-edge software at the ready.
Fill in the template with the most accurate financial data. Be sure to specify the time period the statement covers. People often go from month to month.
Separate different types of income, such as rent, late fees, and more. Do the same for expenses like repairs and property management fees.
Sum up your income and expenses to get your net income. This shows whether you made a profit or suffered a loss during the timeframe.
After the owner statement setup, feel free to share it with the relevant stakeholders.
Are You Ready to Make Owner Statements a Cinch?
With these steps and tips, you can use owner statements to your advantage. This can help you feel much more prepared as your Saratoga Springs business grows.
We'd love to help your brand make a name for itself. Veno Properties specializes in reliable management solutions. You can rely on us for financial matters, dedicated marketing, and even eviction processes.
Our highly qualified team can't wait to elevate your Saratoga Springs property management. Contact a Veno Properties management representative today.
