Property management audit checklist

An audit can be done periodically to check the progress of your business. An internal agent does the audit or an external audit agent who checks on the functional history of your business. Conducting an audit can help you analyse which areas you would like to improve your business and which areas you could perform much better for the best results.

Property management audit

A vacation rental is very popular among business people who travel a lot for their work. If you feel like you need to make extra money while you are gone for a trip; or if they feel that your house is lying around as a waste without any use then rent out their homes for a short while.

The property management companies are available to do this work for you. These companies find out the clients, discuss the terms and conditions, and agree upon a price for the rent and many other things. Management companies do these for a price which the individual must be willing to pay to these property management companies.

Businesses usually conduct three types of audits for their business. They are management, operational and financial audit. The management audit check on how well the administration of the company performs, how the individual managers who are in charge of managing a set of employees or things under them perform. A management audit is generally how the entire management unit performs. Operational audit is to check how the company operates and the financial review is to check how well the company has performed financially and what are the profits during the past years.

The property management companies also have a checklist during their audit. The following are some of the questions on the list for the building management companies.

  • Facilities managed.
  • Job description and Services provided.
  • Schedulers or planners.
  • Building inspections.

Facilities managed:

The audit checks on all the services which are run by the property management companies. The company cleans the house after the client vacates the house if there is any maintenance costs included, the costs for finding the clients. The percentage of maintenance fees charged for the type of home rented.

Job description:

While the house owner rents his house what are the things the property owner companies offer as their services. The things they will manage, getting the clients for the home, maintaining the house, any particular terms and conditions that are to be discussed, organising the period the customer is planning to stay at the house, etc.

Schedulers or Planners:

The audit for property management companies also has a checklist for the companies’ schedules and planners. The audit checks if the company has any particular program or administrators to organise their work.

Building inspections:

The house provided for rent must have undergone necessary tests just to make sure everything is proper, and there is no damage present in the building which will affect the stay of the clients in the house.