Commercial Property Managers - Month End Reporting Tips and Processes

Like it or not the month end activity for property managers is here to stay; it is a bit easier if you are using a reasonable software package but diligence and focus in the month end process is still required from all property managers. When you make slip ups and mistakes, it is really embarrassing to the agency and landlords soon lose confidence in you. In this industry, inaccuracy and poor performance in property management are not tolerated by landlords (and correctly so).

So what can you do? Take a deliberate focus on being the best you can be as a professional property commercial or retail manager.

So here are some of the main the rules for property managers at month end:

Check all your income statements to ensure that the income has been correctly coded within your accounting system
Make sure all the income has been correctly raised in accordance with the leases and the tenancy schedule
Check the lease status of all your tenants and make sure that you are not to be impacted by forgotten or current rent reviews, lease options, lease expiries, renovation dates, insurance provisions, notices or obligations to or on the landlord or tenants under any special condition of the lease, vacancies, relocations, refurbishments, and maintenance matters.
Check that all invoices to tenants for current rent and outgoings are correct and are paid up to date
Look for any arrears and aged debts that are active or need to be addressed
Check the tenancy schedule to ensure that it is up to date and correct in all respects
Review all matters that are outstanding with the tenants and provide an update to the landlord of current status
Make sure that any changes to tenant contact and communication are correctly recorded in the monthly report for the landlord client.
Check the expenditure report against all invoices from contractors and make sure they apply to the subject property and landlord
Check the income and expenditure report against budget to ensure there are no overruns
Report to the landlord about current tenant mix strategies and any existing lease negotiations that are outstanding
Give the landlord a commentary of maintenance activities over the last four weeks and add to that any unusual expenses that will impact their cash flow in the coming weeks or months beyond that which exists in the current property budget.
Do not under any circumstances send out financial or written reports that have not been checked and cross referenced to the master records.

Some may say that month end is the most difficult time when you still have to manage property, tenants, and maintenance, whilst your reports are being run and prepared for landlord dispatch. The secret to the process is to use a month end checklist that is relative to the landlord, the property, and your office management systems.

In that way you can keep your month end activity fully under control and moving ahead. Soon the landlord will think that things are so good, that trust and future relations between you will be strengthened. You will be the property manager of choice.

John Highman is an expert real estate author, conference speaker, and coach. He helps Real Estate Agents to improve their market share, listings, and commissions. You can get a free ebook of real estate tips and tools right here at

Original article