Maintain your accounting records.
Professional property management practices require that accounting records be kept up to date, tightly controlled, and virtually mistake-free. Our Property Management maintains a high level of accounting and financial integrity in everything we do. In order to meet our own stringent accounting rules, we keep separate books for each individual property. Although this practice is not required by law nor it is the “easiest” way to manage a property’s financials, we find that it is the most effective in the long run. It forces complete transparency and enables the property owner to make better, more informed decisions about each property's investment needs.
Another benefit of keeping separate books for each property is that it creates a very clear picture of each property. By seeing the big picture of each property, our clients are able to more accurately budget and forecast property incomes, expenses, and taxes. Part of our property management service is to advise property owners on suggested property enhancements and the estimated costs associated with them. Knowing what each property’s ROI is over a certain period of time provides a very clear-cut vision of which direction to take in the future.