Real estate property reports and real property analysis must be recorded and audited in the new age of accountability. Since the advent of the Sarbanes-Oxley act in 2002, businesses face stiff penalties for not reporting accurate figures in their financial statements. While a property analysis report can give you approximate value figures and provide a real estate property analysis of future potential earnings, you must be on target with your real estate property reports.
Comparative real estate property analysis is a good tool to assess the value of a potential purchase and does not have to be as accurate as your stockholder property reports. A real property analyst typically can provide both accounting and projection real estate property analysis, an added safeguard to your CPA and accounting department’s reports.
1. Bring in real property report providers at least once a year
2. Hire assessors before making real estate investments
3. Manage your assets with a real estate investment property analysis
Back up your finance team with real property report providersWhile your financial department may be capable of reporting your real property assets, save time and resources, and possible fines, by bringing in an outside auditor to check your real property analysis and reports. Your stockholders will surely appreciate the effort when your CFO signs off on the annual statement. Your team may not need any corrections, but it never hurts to have a third party look over your books.
Bring in the appraisers before you meet the assessorsWhile you may have a good eye for real estate investment property analysis and have made some good decisions in the past, it never hurts to cover yourself with a professional comparative real estate property analysis. Before you make a large residential or commercial property purchase, get a real property report.
Keep track of property reportsLarge corporations have entire departments dedicated to managing the real property assets of the company. They stay on top of market shifts and produce regular real property analysis and reports. While the small to medium size businessperson may not have access to the same resources, there is enough technology available now that can serve up real estate property reports and real property analysis quickly and efficiently.
- While you don't have to follow the advice of outside appraisers and consultants, don't underestimate the importance of the real property report. Retain all documentation you've paid for and at least use the property analysis report for audit and tax purposes.