Property Management & Bookeeping

[Sean Autry]

This is a total newbie question- so I apologize in advance. Do property management companies typically keep the books on a property for their client (and deliver a balance sheet, income statement, etc)? Or do they just handle the day to day property management (collecting rents, maintenance requests, etc) and leave the accounting/bookkeeping up to the owner/client? My assumption is the prop manager is also doing the accounting, but just trying to confirm here.

[Gita Faust]

@Sean Autry Property management companies duties include only what is specified in your agreement with them. These services are optional and charge, collecting rent, paying for expenses may or may not include, your capital improvements, mortgages, loans etc.

As a landlord and a property owner, you should have your own books to know your assets, liability, and equity.