A property owner turns to a property management company with one clear objective: to transform their rental property business into a true passive investment. Yet, even as the owner of your investment property business—yes, it is indeed a business—you remain committed to maximizing returns despite the aim of cultivating a passive income stream. When engaging a property management company, establishing a high level of trust, where their objectives align seamlessly with yours, is vital. While this synergy is often achieved, there can be instances where a gap of transparency becomes apparent especially in the area of work order expenses in dealings with certain property management companies.
As the owner of your investment property business, it is crucial to diligently review your monthly owner statements, despite the passive nature of your business, to ensure no anomalies arise in expenses. There are occasions when you may encounter a maintenance charge that appears higher than expected—whether due to a one-off repair or expenses incurred during tenant turnover. Such occurrences naturally prompt questions: What exactly am I being billed for in terms of labor costs? What is the breakdown of supply expenses? Are there any undisclosed charges slipping through the cracks? And when posed with these questions, does the management company readily provide precise answers? Our prior experiences with numerous property management firms revealed the considerable challenge in obtaining accurate and succinct responses to these inquiries. After all, this is YOUR investment property business, and every dollar spent affects your return on your investment. Shouldn’t you have full access to a comprehensive breakdown of all incurred expenses?
At Shore 2 Shore, we bridge this transparency gap for our property owners. While we understand your aspiration for a hands-off investment approach, we also acknowledge the significance of granting property owners effortless access to a detailed breakdown of each invoice. Every work order billed to a property breaks down each line item including labor hours and associated costs, supply expenses, and any other necessary costs—leaving no room for ambiguity regarding where the property owner’s funds are allocated. Furthermore, Shore 2 Shore goes the extra mile by providing photos or videos showcasing the completed work, empowering property owners to verify the quality and scope of services rendered.
If you find yourself grappling with uncertainty regarding the allocation of your business funds, engage with Shore 2 Shore to explore how we can seamlessly close this transparency gap for you.
