We often get the question what does a property management owner statement look like and how can I read mine? Some ask what can I expect when the direct deposit is placed into my account. If you watch the video above, our very own Brian Corbett will explain how to understand your owner statement.
A monthly owner statement starts with a zero balance until rent is paid by the tenant which you will see displayed. The rent will be displayed as an income. Then you will see an expense as the management fees. In addition to management fees, you may see any other fees, for example in this video this property has homeowners association fees. Finally, Flagship Property Management pays the owner of the property the remaining balance which will then finish in a zero balance at the end of the statement. Through the statement, you can see when these payments are being taken place, who is paying either the payee or the payer what type of payment is being completed, and what kind of reference number is being used. You can also see a description of exactly why that amount of money is going in or out of an account.
If you have any questions about your owner statement, contact us!