Being a landlord comes with dozens of responsibilities. You need to communicate with tenants, keep up with building maintenance, ensure your budget is balanced, keep track of deposits, and more.
Part of being a great landlord is knowing when to delegate tasks to experienced, efficient professionals to save yourself time and energy. Property management companies like Thayer & Associates will handle administrative services, so you can focus on what matters. Here are five reasons why you should make use of our administrative services.
1. Keeps You Organized
As a landlord, you are responsible for tenant payments, maintenance requests, schedules, budgets, and tax forms. It can be overwhelming, and with so much going on, it’s easy for something to slip through the cracks.
Property management companies will keep original copies of your records and correspondences and record routine documents at the Registry of Deeds. Do you need an annual operating budget and necessary supporting schedules? Administrative services will take care of it. You won’t have to worry about overflowing file cabinets or full inboxes.
2. Helps You Find the Right Tenants
While renting out your first property can be exciting, it also can come with worries about rent collection, property maintenance, and other requirements that come with a landlord. However, a property management company can handle the rent collection process for you. Property management companies will also perform a proper tenant screening process, where they will conduct interviews to ensure you are hiring the right tenant who will rent on time.
3. Saves You Money
Additionally, hiring a property management company for your administrative services can help you find licensed and skilled contractors for maintenance jobs. Thayer Associates will find you a team of experienced contractors that will be the most cost-effective for you.
When you hire a property management company, you can deduct the cost from your taxes. As you’ll be paying large taxes on your rental property income each year, this tax break can alleviate those costs.
Other Common tax deductions include the following:
- Advertising
- Cleaning and maintenance
- Homeowner association dues and condo fees
- Insurance premiums
- Local property taxes
- Management fees
- Building supplies
- Repairs
4. Protects You from Legal Issues
While being a landlord can be a lucrative job, it’s not one without risks, especially with how quickly laws and regulations can change. One of our services is regularly confirming that you are complying with applicable federal, state and local regulations and restrictions. In the event of a legal issue, we can arrange for experienced attorneys and accountants to aid you while we prepare and file the required reports.
Perhaps the most critical administrative service we offer is coordinating your property’s insurance. Renter’s insurance can save you a ton of money in the event of a disaster or medical emergency, so you can’t afford to go without it. To help, we sort through the bids of qualified insurance carriers, and then help you choose the policy that works for you. We also keep track of original files on all insurance records and oversee claims settlement and the restoration of property should a loss occur.
5. Frees Up Your Time to Focus on Other Important Tasks
As a landlord, you are responsible for the entirety of your building and keeping your tenants happy. But be honest, you would love to have more free time available to do the things you love. That can be spending time with your family, picking up a hobby, or just getting to relax and do nothing. Well, think of all the time you’ll have on your hands when you’re not bogged down by paperwork.
It’s important to maintain a good work-life balance, and landlords are no different in that regard. That’s why it’s critical that you take advantage of our administrative services so that you can live a happier, less stressful life. Contact us today to get started!