Excel Model: Monthly Property Management

Titre: Monthly Property Management

 Description:

 

This spreadsheet is designed to manage and track the financial and operational aspects of property management on a monthly basis. It includes sections for tenant information, income, expenses, and a summary of the financial performance for each month.

  • Tenant Information: Record details about current tenants, vacancies, lease renewals, new leases signed, and notices received.
  • Income: Track various sources of income such as rent received, late fees collected, and other income from services like laundry or parking.
  • Expenses: Record monthly expenses including mortgage payments, property taxes, insurance, utilities, maintenance and repairs, landscaping, property management fees, legal and professional fees, marketing, and other miscellaneous costs.
  • Summary: Provides an overview of the month-to-date income less expenses to determine the net operating income for the property.

 

Advice/Tips:
  • Tenant Information:
    • Ensure accurate and up-to-date records of tenant details and lease statuses.
    • Regularly update information on vacancies, lease renewals, and new leases.

  • Income:
    • Accurately record all sources of income each month to maintain precise financial tracking.
    • Review income sources regularly to identify any discrepancies or areas for improvement.

  • Expenses:
    • Record each expense in detail to ensure accurate tracking of property management costs.
    • Monitor monthly expenses to ensure they are within the budget and identify any areas where costs may be reduced.

  • Summary:
    • Use the summary to monitor overall financial performance and ensure the property is generating a positive net operating income.
    • Regularly review the summary to make informed decisions about property management strategies.

 

Source: Custom Calculator

Click the following icon to open the full workbook viewer in a new tab, allowing you to easily edit and save.

Click the following icon to download the spreadsheet, allowing you to save the file on your computer along with edits.

Example of using calculator:

Detailed example of using Spreadsheet: 

 

  1. Tenant Information Section:
    • Enter details for current tenants, vacancies, lease renewals, new leases signed, and notices received.
      • Example values: Current Tenants – John Doe (101), Jane Smith (103); Vacancies – 1 vacant unit; Lease Renewals – Upcoming renewals for Unit 102.

  2. Income:
    • Record income for the month including rent received, late fees collected, and other income.
      • Example values:
        • Rent Received: $10,000
        • Late Fees Collected: $150
        • Other Income: $200

  3. Expenses:
    • Record monthly expenses including mortgage payment, property taxes, insurance, utilities, maintenance, and other costs.
      • Example values:
        • Mortgage Payment: $3,000
        • Property Taxes: $500
        • Insurance: $200
        • Utilities: $150
        • Maintenance: $300
        • Landscaping: $100

  4. Summary:
    • Review the summary to see the month-to-date income less expenses.
      • Example values:
        • Total Income: $10,350
        • Total Expenses: $4,250
        • Net Operating Income: $6,100

Why is interactive calculator useful:

This spreadsheet consolidates all information related to monthly property management in one place, making it easier to monitor and manage the financial performance of the property. By providing a clear view of tenant information, income, expenses, and net operating income, it helps users make informed decisions to optimize property management and ensure financial stability.

 

Source: Custom Spreadsheet

Conclusion:

The Monthly Property Management spreadsheet is an essential tool for effectively managing and understanding the financial and operational aspects of property management. By providing a detailed and organized approach to recording and analyzing tenant information, income, and expenses, it helps users achieve financial stability and make informed decisions about their property management strategy. Regular updates and reviews ensure that the property management strategy remains aligned with financial goals and operational requirements.

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