Recruiter's Glossary

Examples: Maintenance Schedule • Aged Receivables • Bid Process

Balance Sheet

Term from Property Management industry explained for recruiters

A Balance Sheet is a key financial document that shows what a property or company owns (assets) and owes (liabilities) at a specific point in time. In property management, it's like a financial snapshot that helps track the health of rental properties and the business overall. Property managers use balance sheets to keep track of things like tenant deposits, maintenance costs, property values, and outstanding loans. This document is essential for making business decisions and is often called a "financial statement" or "statement of financial position."

Examples in Resumes

Prepared monthly Balance Sheet reports for a portfolio of 200 residential units

Managed and reconciled Balance Sheets for multiple commercial properties

Improved accuracy of Balance Sheet reporting by implementing new accounting procedures

Monitored Financial Statements and Balance Sheets to ensure property profitability

Typical job title: "Property Accountants"

Also try searching for:

Property Accountant Property Manager Real Estate Accountant Property Management Controller Real Estate Financial Manager Property Operations Manager

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Example Interview Questions

Senior Level Questions

Q: How would you handle a major discrepancy in a property's balance sheet?

Expected Answer: A senior candidate should explain the step-by-step process of investigating discrepancies, including reviewing all transactions, checking supporting documents, consulting with team members, and implementing corrective measures to prevent future issues.

Q: How do you use balance sheets to make strategic property management decisions?

Expected Answer: Should discuss how they analyze assets versus liabilities to determine property performance, make maintenance decisions, and plan for future investments or improvements.

Mid Level Questions

Q: What key items do you look for when reviewing a property's balance sheet?

Expected Answer: Should mention checking security deposits, accounts receivable, maintenance reserves, outstanding loans, and comparing current versus previous period numbers.

Q: How do you ensure accuracy in balance sheet reporting?

Expected Answer: Should discuss regular reconciliation processes, double-checking entries, maintaining proper documentation, and following standard accounting procedures.

Junior Level Questions

Q: What are the main components of a balance sheet?

Expected Answer: Should be able to explain that a balance sheet shows assets (what is owned), liabilities (what is owed), and equity (the difference between assets and liabilities) in simple terms.

Q: How often should balance sheets be updated in property management?

Expected Answer: Should know that balance sheets are typically prepared monthly for property management, with year-end statements being particularly important.