Gabrielle is a property manager among many of her other talents in the Tucson area. She often blogs tips and tricks to property managing and here she talks about a few things that should be done annually - like now! - regarding the management of your property.
The beginning of any New Year brings on new goals, fresh changes and lots of great ideas for personal and business improvement!
The new year is also a good time for property owners to take a look at their current property management company and decide if that company is still a good fit. At the beginning of the year, there are many things property managers should be doing now or in the next month.
Here are the top five things that property owners should be discussing with their property manager this month:
The management agreement. Is it outdated? Is it current with new laws and regulations? If not, perhaps it is time!
The tenant lease agreements. Same as above - are leases current and do they reflect the appropriate changes if any new laws were implemented, etc.
Year end owner statements. Property managers should have already provided owners with a year end statement of the property income, expenses, etc.
1099 statements. A property manager should already be working on 1099 statements for their owners and verifying pertinent information - such as social security numbers and current addresses.
Property evaluation. If this is not done regularly throughout the year, it should at least be done at the beginning - giving owners an update of lease renewals, any improvements that should be considered this year, etc.
This blog is written with my opinions and my opinions are presented with accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions. Gabrielle Kamahele Rhind - 2014. If you want to reprint parts of this - just email me for my permission: KGCProperties@gmail.com .
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Check out our article in Common Interest magazine on page 19!