Reasonable requests from the a stakeholder to a property manager?
My parents inherited a large stake in a commercial property with about five other parties.  It brings in a very nice upper middle class income which is amazing!  We would all like to know more about the current financial status of the property though. 

There are about six stores on the lot that have been around for decades.  Recently though, my parents have been trying to pull more information from the property manager to learn more about the investment itself.  The main roles of the property manager is to bring in new businesses, maintain the lots, be the point person for leasees, and work out the paperwork for new leases, right?

Does it seem reasonable that that the property manager should be able to produce a digital record or summary of the lease agreements with each business? Should we have access to all of the costs of running the business (ie. plowing, loan payments, accounts)?  Should we expect a monthly or annual report of costs and revenue?  

Generally, what is a reasonable expectation of the property manager in terms of effort that they should be coordinating with stakeholders to provide data on the investment? Sorry if I flubbed any terms or was too general to make an intelligent response too. I would be happy to share more if you ask if I can share. 
[{"id": "cy5soi4", "text": "Digital.., probably not, knowing how stuck in the past most old school property managers are.\n\nAnnual report yes.  \n\nIf they aren't responsive I would try to gather up the support of the other owners and change property managers.  Never hurts to shop around, get someone who is more responsive/digital, and cheaper.\n\nedit: also if feasible you should go walk around and check the state of the property and visit the property manager in person.  If in their office they can't produce the records / leases then you have a problem.", "replies": [{"id": "cy6151e", "text": "Thanks.   Checking up in person with a fair warning seems like a good idea.", "replies": [], "depth": 2}], "depth": 1}, {"id": "cy5yze9", "text": "The question of what you should be getting relates to your actual interest in the property.  What interest did you actually inherit?  What's the ownership and operating structure of the entity?  When you say property manager is that actually what you mean? That is,  is that the promoter of the deal?  Or,  is it truly just the peppery manager engaged by the operating partner. \nIf it's the latter,  and you're not the operating partner then you really have no relationship.", "replies": [{"id": "cy613zw", "text": "Thanks for the questions.   My parents hold about a 20 point share together.  It's an llc with votes equal to shares. They truly are a property manager in that they get a monthly rate along with a commission for bringing in new tenets. Can you tell me what you mean by operating partner?  All decisions are made with a consensus. ", "replies": [{"id": "cy619wr", "text": "&gt; Can you tell me what you mean by operating partner? All decisions are made with a consensus.\n\nThat's what I meant.  An operating partner/President of the entity/managing member would have the authority to do things - like contract - and would be the point of contact for information, etc.\n\nSo, who gives the Property Manager direction?  Who approves leases?  What if you guys want to sell?  Who executes contracts?  What if a lease requires Tenant Improvements (owner funded capital investment to induce a specific tenant's lease).  Etc.\n\n", "replies": [], "depth": 3}, {"id": "cy65c3o", "text": "Identity of interest property managment and mortgagor (single asset entity holding title of property?).   So do they have 20% in the controlling entity or the property management group? This is a huge difference.  Additionally they might not be property managers but get a bonus for procuring tenants. This post isn't entirely clear  and what is the purpose for status updates regarding tenants and what not?   Is this for personal curiosity or tax purposes, fraud,  etc", "replies": [{"id": "cy678v2", "text": "Sorry for the confusion.  The single entity holding the property is the llc.  They have 20% control in the llc. A manager is hired to handle maintenance and and bring in new tenets. The purpose for the status updates is that my parents would like to be more knowledgeable about the finances so they can make intelligent decisions regarding their voting shares.", "replies": [{"id": "cy68c1c", "text": "As interest holders they should get what info they need.  Heck underwriters require copies of leases of commercial tenants at minimum when it comes time to refinance.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "cy6ktz7", "text": "From the perspective of a property accountant who deals with fraud in CRE, it sounds like your property manager is being completely unreasonable. \n\nAs an owner, your parents should have the right to know where their money is going. They should also have access to virtually all financial activity. If the property manager is unwilling to provide you with a report, fire them, because they are stealing your money. I have actually never heard of a property management company that doesn't produce a financial report.\n\nHow can you assess the value of the building if you don't know how much income it is generating? How can you determine whether you want to sell the building if you don't know what leases are in place, or what is in the pipeline? How can you determine whether the property management company isn't stealing every dime they can? For example, it is *very* common for a property management company to set up a side company named \"Bob's Plumbing,\" invent some plumbing issues at your company, and then cut themselves checks with your trust account for as much money as they want. Or, they can set up a business in another state that has the same name as a business in your state. Then they cut the checks to their side business and make it seem like the checks went to the real vendor in your state.\n\nIt sounds like you are getting absolutely fleeced by this property management company. I would immediately demand monthly access to:\n\n1.) Monthly bank statement with bank reconciliation detail.\n\n2.) A balance sheet to review all improvements, lease commissions, and mortgage information.\n\n3.) An income statement with budget variance information to determine where the property management company could be saving money.\n\n4.) A list of all payables processed in a given month that you can tie to the income statement. If the income statement was generated in accrual basis, you would want to see a list of their monthly accruals as well.\n\nIf they don't have a property accountant on staff already, tell them to hire one.", "replies": [], "depth": 1}]