Today we’re talking briefly about how a professional property manager looks after your property. There are six basic principles that any good manager will follow.
There is a lot involved in the financial management of your property, including income reporting, rent collection, tracking and dispersing owner funds, controlling maintenance costs, reporting invoices, paying sales taxes, generating owner statements and making direct deposits. Your property manager should give you all those details and take care of the financial aspects of your investment home.
Finding the Right Tenant
A lot of problems can be avoided when you find the right tenant from the beginning. Your property manager will screen the tenants correctly. We’ll review prospects and find a well-qualified tenant who has a good credit history with no evictions or criminal history. It’s also important to find a tenant who has the sufficient income required so that you know rent will be paid every month.
A property manager protects you by ensuring compliance with a number of regulations as well as local, state and federal laws. There are a lot of mandates to know, including rules from the HOA, local city requirements and the municipal sales tax that has to be paid. All the reporting functions should be taken care of by your property manager. You’ll also need to be covered for state regulations and the reporting requirements for Maricopa County. On the federal level, you have 1099s to collect for the IRS and a lot of other compliance requirements. A good property manager will oversee these things for you and have the necessary controls in place.
Attention to Property Condition
It’s important for your property manager to make sure your home is always in good shape. This should be done between tenants and while a tenant is in place. Everything must be in good repair and no details should be skipped in maintaining your property. This is critical in maximizing your return.
Watching the property is another service your property manager will provide. We do a monthly drive by inspection as well as regular interior inspections. We make sure to be at that property often enough to know what’s happening there.
Using the right vendors helps a property manager to look after your home. We only work with licensed and insured vendors who provide good pricing as well as accurate and timely invoicing. It should be part of your manager’s quality control system.
These are a few of the ways a good manager will look after your property. If you have any questions, or you’d like to discuss this further, please contact us at Paramount Property Management & Realty