Day: April 5, 2020

Landlord Reports: KPIs – What Are They and What Can They Tell Me?

Landlords, let’s talk reports and which of them you should analyze regularly. Obviously you are familiar with the P&L Statement and the Balance Sheet but how about your Tenant Turnover, Rent-Ready Costs, and Revenue Growth Reports? These reports are your KPI Reports, Key Performance Indicators. How many of you can raise your hands to say that you are even tracking these things? It’s okay if not many of you raised your hands. You don’t know what you don’t know. I will explain a little about the 3 reports I mentioned above and talk a little about how your bookkeeper can help you begin tracking these vital pieces of information about your business. Let’s start with the Tenant Turnover Report. Tenant Turnover, for those of you who are new to landlording, is the process of getting a rental ready after a tenant has moved out. This report is vital because it can help you determine just how much it costs to fix any repairs in the unit, cleaning costs, and all the administrative costs associated with getting the unit occupied again. These costs include but is not limited to: • Marketing • Application Processing • Showing the Rental (your time is