In a previous blog post, we discussed the importance of an optimal relationship between the property manager and the property owner. We glanced over ways to enhance this relationship, but in this post we will explore one method: making yourself a dependable source for real estate news and updates.
A great deal of emphasis must be placed on the relationship between a property manager and the tenants. This is because the foundation of the property manager’s duties and business is the tenant. It can be argued that a more important relationship is that between the property manager, and the owner of the property they manage.
Landing a new client is a big deal for a property manager, but it is easy to take the client for granted. The property manager should take care to maintain an optimal relationship with the property owner in order to keep them satisfied, and thus loyal.
Here are several suggestions to help optimize the relationship with the owner/client:
Without constant maintenance, property managers can find themselves faced with a rundown rental property and large repair bills. Here are three areas of a property which should be inspected and repaired on a regular basis in order to prevent this.
Getting new tenants is a necessity, but it is even more necessary to get good tenants. As it is, there is no way to attract only the good tenants, while avoiding the chaff. They only way to reliably get good tenants is to have a wide range of applicants, and then selecting the best through a fair and rigorous process. Luckily, attracting potential tenants, for the most part, involves common sense policies.
So, it’s that time of the year again. You know, the time when you start gathering receipts, tax documents and looking at bills (especially from the holidays) and wondering if any of the crazy money you’ve spent is tax deductible.
It is not too late to start gathering information for your tax return. The last thing you need is to wait till April and rush your return, which may result in an error. The only other thing more stressful than filing your tax return is an audit.
While you gather your papers and numbers, you may wonder whether you need to file a tax return.
Do You Need to File a Tax Return?
The IRS 1040 Schedule E form is one of the most important tax filing forms for landlords. It is used to report income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in REMICs. The form can be complicated, but there are ways to make it easier to file.
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Moving house is a tedious and tiring prospect, and people will make excuses to avoid it. Even if there is cheaper rent to be had, the quality of their current residence can influence renters to remain in their current residence. This is where the property manager comes in.
Much can be made of a property manager’s duty to attract new renters, but just as important, if not more important, is renter retention. There are several things property managers must keep in mind, so as to ensure that their current renters are happy, and have no reason to move.
Winter comes this time each year, along with snowmen, presents, and lots of good food. It also brings cold drafts, chimney back-ups, frozen or burst pipes, dangerously icy sidewalks, and the joyous act of shoveling snow.
In a prior post, we talked about the components of payroll taxes. We will now explore a site that helps with calculating payroll taxes and talk about due dates for payroll taxes. A site that helps me calculate my payroll taxes before I send it in is Paycheck Manager. I can put in hours for each employee and other relevant information and what I get is a report that shows me what the net pay to my employee is (the actual check amount) and the payroll taxes (what I need to pay). There are also reports that show me what the unemployment taxes are, for the payroll period.
The website is not free. There is a 3 month trial period. After that, there is a graduated fee payment that starts with a fee of $3 am month for 1 – 3 employees. You can find out more about their prices here.
PAYROLL TAXES — DUE DATES:
Quarterly: Form 941 (Quarterly Federal tax Return) needs to be filed quarterly. Form 941 is where you report the Federal income taxes, social security and medicare with holdings. Some businesses are required to submit this monthly or annually. However, most businesses fall into the quarterly reporting schedule.
Form 941 is due 4 times a year:
We need your help picking out charities to donate to!
Every year, we try to make in kind donations to charities. Since I crochet, I make scarves and hats that goes to various charities that provide items for the homeless during winter. Contractors and employees all have different skills that they put to use in providing items that go to charitable organizations. Some of them have houses and, for the winter, invite those without a home to stay. Others volunteer in soup kitchens, homeless shelters and women shelters. My sister is very skilled at swiping credit cards, so she just buys things and sends them to the organizations 
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