Like any property management company SVMG provides extensive accounting and financial services to its clients. Unlike many management companies, we try to make our operations and reporting as transparent as possible for clients to truly understand the management operation of their property. We have seen firsthand how some management companies try to obfuscate the operations and the financial data so they can acquire more control over the asset. That is counter to our philosophy. The control we impart over your property comes directly from you—with your permission—because you are able to clearly see and understand our operations and the financial accounting.
First, we open a trust account specifically for your property which you – the owner—has access to. All funds for the property are handled exclusively from this account. All rental income goes into the account and all bills are paid from the account. We keep track of the accounting by employing state-of-the-art property management software which provides us with the accounting and financial functionality you would expect of any professional bookkeeper. When you employ us you can expect the following:
- Monthly, Quarterly and Annual accounting and financial statements
- Monthly owner reports, account reconciliation statements and bank statements
- Online Rent Collection
- Payment of all property related expenses, including taxes, insurance, mortgage
- Preparation of an annual operating budget
- Forecasting of capital improvement expenditures
- Tracking of project finances
- Monitoring and management of fixed operating expenses
- Disbursement of owner funds deposited directly to your personal account
Our web-based property management software provides easy to understand monthly statements which you can also view online at your convenience through a personal owner portal. This enables you to have access all of our data from any location and at any time. We also create tenant portals for all the tenants within your property.
While our monthly reports are financial in nature, our quarterly reports are more operations oriented. In them, you will see the maintenance and repair calls, emergency calls, opened and closed work orders, tenant move-outs, tenant move-ins, tenant issues or problems, and the progress of exterior and landscaping maintenance projects. And of course, if you ever have any question that is unanswered in the report, you can reach us via phone, email or text messaging.
Distribution of Funds to Owner
At a specific point in the month, usually around middle of each month, we distribute funds to the owner. The amount distributed depends upon a number of factors including:
- Amount allocated to ongoing operating expenses
- Amount allocated to planned repairs
- Amount allocated to reserves for capital improvements
- Amount the owner desires
- Amount agreed upon by the owner