Whether you own one apartment building or several, you want to make sure that your monthly income stream is reliable. A property management company can help you manage your rental income, insuring that money comes in as required and that expenditures for needed expenses are approved. Here are just a few of the ways a management company can keep cash flowing from your properties.
Rent Collection And Deposits
Your property management company can arrange for rent collection on a monthly basis. This can be done by having the checks sent directly to the management company for deposit into your account, or they can arrange to have the checks sent directly to you if you prefer to handle your own deposits. Your manager will also take care of contacting tenants who are behind on their rent to ensure all rent and subsequent late fees are paid.
Collection Of Security Deposits
When you have a new tenant preparing to move in, you'll likely want to ask for a security deposit that can be used to cover any damages caused to your property during the tenant's residence. The property management company can collect security deposits and pet deposits as well as any other fees you may deem necessary for new residents. Your manager will keep records of the deposits and make any necessary deductions when it is time for the tenant to move out. You won't have to worry about assessing cleanup and damage fees, and you can be assured that all repairs will be performed using the deposit monies and not your repair and maintenance accounts.
Handling Of Repair Costs
Your building will require maintenance and repair from time to time, whether it's having the gutters cleaned or repairing a leaky faucet. Your property manager's job is to ensure that these repairs are done in a cost-effective manner. By saving money on repairs while providing quality work, your management company can help you get the most out of your monthly rental income.
Tax Document Preparation
Your annual income must be reported as revenue on your tax returns. Instead of having to figure out your earnings on your own, your property management company can prepare the paperwork and ensure that the forms are filled out accurately, which can save you money and a few headaches down the road.
Your property management company can provide all the financial services you need to make sure your buildings are maintained while ensuring your monthly cash flow is steady. Instead of taking on the tasks of rent and deposit collection, repair contract negotiation and tax preparation, consider the many ways a property management company can help you.
To learn more, contact a property management company like Harland Property Management.