One benefit of using a professional property management firm such as Triumph Property Management is that we can provide timely, detailed financial reports. This in-depth financial information is crucial to property owners in making cost effective decisions about their real estate investment properties. Triumph Property Management offers our clients a variety of comprehensive financial reports & budgets necessary for the sound business management of real estate investments.
Operational Budgeting: This is the umbrella report which contains information pertaining to the subcategories of capital expenditures, property marketing, and status-of-the-industry reports. This report in many ways is a summation of the budgets and actual expenditures of the main line item categories in the overall budgetary plan.
It takes an experienced property management firm familiar in a specific geographical area to reliably estimate the capital outlay needed to fulfill the goals of the real estate investor and achieve the best ROI. Triumph Property Management is an experts in the greater Las Vegas, Nevada area.
Budgeting for capital expenditures: To keep properties in good shape, continue to attract quality renters, and to keep rents at a consistent level, properties need a regular schedule of maintenance, updating mechanicals, and remodeling. This allows a property to remain competitive with similar properties in the marketplace, and ensures a favorable return on investment. There are certain tax benefits to these maintenance and improvement projects. Projecting these expenditures is necessary for projecting the required cash flow to meet these expenditures.
Marketing Properties: Successfully renting properties to qualified buyers requires a multi-action approach. A comprehensive, multi-approach marketing/advertising budget is crucial to achieve the goal of low vacancy and low tenant turnover rate. Savvy property management companies such as Triumph Property Management keep their managed property names in front of prospective renters at all times. They often use a combination of networking, newspaper, signage, signing bonuses, and internet advertising to effectively market their clients’ real estate holdings.
Status of the Industry Reports: These reports alert property owners as to the general market performance of similar properties in specific markets. They include the rented to vacancy rates averages, turnover rates, staggered lease options offered, rent charges, security deposits, pet fees, parking fees, utilities, and special features provided by property owners such a swimming pools, business facilities, and specific recreational facilities. This information is vital for an owner to determine if current property practices are inline with the market current market situation and whether changes in policy and property amenities could improve income.
Triumph Property Management understands the importance of providing our clients with accurate, timely, and comprehensive financial reporting of our clients’ investment real estate. We have developed our expertise by successfully managing properties in the Las Vegas area for many years and through a variety of market conditions. From our experience, we have the knowledge to project reasonable budgets. We use state-of-the-art technological to facilitate our accounting process.
Contact us today to see how our financial accounting can help you realize the profit you desire from your property investments.