Owner statements are important documents containing much useful information for Omaha landlords. They're good for gauging the performance of your rental properties and identifying areas for improvement.
Your property manager should send you a copy of yours every month or make it available to you via an owner portal.
If you've never paid much attention to this paperwork or are new to owning a rental property, read on while we break down the information typically contained in an owner statement.
What Are Owner Statements?
An owner statement lets you keep your finger on the pulse of your investment properties. It's like a progress report for each of your rental units.
Owner statements help you keep track of the expenses and income for your rental business. That means they'll come in handy when the new tax thresholds come into force for the 2024 tax year.
Information Contained in Your Owner Statement
By paying attention to your owner statements, you can keep track of your property ROI monthly instead of annually. This gives you more opportunities to detect any problem areas and remedy them quickly.
If you own several properties, take note of your occupancy rate. Low figures in this area indicate room for improvement. Your property manager can help you come up with ideas to help boost your occupancy rate.
Your owner's statement also includes other important information, such as:
Rental Income
This section of an owner statement includes all types of payments related to your property, such as rent, laundry payments, parking fees, and late payment penalties.
It also highlights overdue rents and helps you identify any habitual late-payers.
Monthly Property Expenses
Here, you'll find a list of all your expenses for the month. These include expenses related to upgrades and improvements, as well as operating costs such as:
- Property management fees
- Insurance premiums
- Property taxes
- Repairs and maintenance
- Utilities
- Landscaping
- Incidental costs
This is one of the best places to look for cost savings. Work through this section with your property manager to identify ways to cut costs.
Many of these owner payments are eligible for tax deductions. A tax professional can help you make the most of them when completing your tax return.
Net Income
Net income shows the difference between your property's running costs and rental income. If you consistently see a negative number in this part of your owner statement, it's time to make some changes.
You might consider increasing your rent or implementing cost-saving upgrades, like solar panels, for your investment property.
Make the Most of Your Omaha Properties
Aksarben Property Management can help you optimize every aspect of your investment properties. Our services include property marketing, routine maintenance, and tenant management.
We pay close attention to our owners' occupancy rates and are always searching for ways to maximize their profits. When you work with us, you can access your owner statements and other landlord documents via our easy-to-use online owner portal.
Find out how we can help you make the most of your Omaha investment properties today.
