Property Management Companies Deal With Tough Situations

While renting property is a great source of income it does come with its challenges. Property property management companiesmanagement companies are hired to handle these challenges along with other responsibilities such as hiring vendors to handle services around the property.

Challenges faced by property management companies

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How Property Management Companies Choose Vendors

Whether for an apartment high rise or a condo/housing community, property management property management companiescompanies strive to provide the very best services for residents. The services handled by the property manager vary from community to community but they are always paid for by the home owner’s association (HOA) dues and are executed by vendors. Property management companies seek out vendors using very specific requirements.

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Determining the Value of Rental Property

With the price of housing skyrocketing in many areas of the country, wages not keeping pace rental propertywith the cost of living and high student loan debt among Millenials; not everyone can afford to get into the real estate market at all let alone purchase a rental property. For those who can afford to purchase a property for rental purposes, there is the potential to earn a healthy monthly income because of the high demand for rental housing. Still, choosing the right rental property to purchase is important. It is advisable to perform a valuation analysis of real estate rental properties before making a purchase.

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How to transfer Property Title

When selling property on the open market, a real estate agent and legal team handle the property titleproperty title transfer. When transferring a property title to a friend or family member without selling the property, however, there may not be the incentive to hire a real estate agent which means a necessary understanding of the process. Every state has its own specific variations for the process but the main rules remain the same across the board.

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Are Property Management Fees and Expenses Tax Deductible?

Real estate is one of the best-paying investments. It offers several advantages including:

  • property appreciates in value over time along with rental incomeproperty management
  • it can be a good source of passive income because daily or hands-on property management is not consistently required
  • overhead expenses are low compared to returns
  • housing is always in demand regardless of the state of the economy
  • it is an investment that can be inherited by beneficiaries who can keep earning income

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How to Collect Delinquent Condo Association Fees

Condo association fees help pay for the upkeep of community spaces and siding/roofing. The condo associationlist of services can vary widely and include everything from the doorman’s salary to pool maintenance, security and landscaping. With everyone’s money pooled together, the condo association can effectively maintain the property.

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Is my Homeowners Association Non-Profit?

There are many questions regarding a homeowners association (HOA) when it comes to taxes. homeowners associationHow does it file taxes? Does it need to pay taxes at all? Can the association file as a non-profit organization? With some research into federal tax rules for a homeowners association, the answers become clear.

Does my homeowners association have non-profit status?

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Property Management Companies

Tips for solving pet problems in your homeowners association

When a pet owner is a tenant or owner in a property run by a homeowners association, there homeowners associationare often rules governing pets so that they don’t infringe on the rights of  other owners and tenants. A homeowners association is responsible to handle pet problems within the homeowners association as quickly and efficiently as possible. The goal should be for everyone to get along rather than forcing the pet owner to give up their pet, whenever possible.

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Residential Property Management – What is a Chart of Accounts?

In today’s technology-driven era, there is software available that can make residential property chart of accountsmanagement so much simpler. However, the person in charge of using the software needs to understand the basic accounting concepts used in the software.

Chart of accounts for residential property management 

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Cost Savings of Residential Property Management

Residential property management offers several key cost savings to property owners. While the Residential Property Managementproperty owner gives up direct control of day to day management, in exchange, he or she can benefit from time savings, reduced repair, security and landscaping costs. Additionally, property owners will benefit from increased or maintained property values as the property is kept in good repair and appearance.

Cost savings of residential property management

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