Property Management Blog
It’s not easy to learn all of the requirements investors must meet in order to run a rental business. Whether you have a single rental property or several, you ARE running a business.
There are many, many guidelines you must follow. No one sits you down to explain them or emails you a packet outlining them in a step-by-step format. There’s not one place to find out everything you need to know - you must discover the information and requirements. This process takes time because the details are not always easy to find. Even so, you must comply.
A real estate investor or professional property management company should have detailed knowledge of your rental property. At Rollingwood Management, we have a thorough owner and property account setup process that includes several steps for developing a complete owner and property picture. We develop an in-depth understanding of your specific expectations and your property expectations so we can make sure the property is adequately maintained and complies with housing and habitability requirements. What does an investor need to keep up with?
There are federal and state and local laws concerning habitability issues that you are responsible for. Many of these are outlined in the International Property Maintenance Code. Additional laws, such as lead-based paint, asbestos, smoke detectors, carbon monoxide detectors, the Texas Lock Law, bed bugs, mold, and rodent or insect infestations will impact your property.
Another example is that you are required to report all rental income to the Internal Revenue Service. As your property management company, we prepare and provide all the required 1099s for you. We also prepare cash flow statements and any additional needed documentation for you to submit with your income taxes. You get copies of all your invoices each month; we want to be completely transparent. These records are digitally prepared for you to streamline your tax process. These are just a few of the areas that you’re going to have to stay on top of.
At Rollingwood Management, we take pride in our full property documentation and reporting. Your property manager will probably know your rental property better than you! Our detailed record keeping and tracking will meet required deadlines and remain in compliance. Our annual property surveys are sent to you before we renew the lease agreement. This helps you stay on top of the property’s condition and help to eliminate maintenance/expense surprises.
Let us put our skills to work for you. Schedule a free rental market analysis with one of our property management experts. We’ll answer your remaining questions and show you how our services will help you achieve your investment goals.
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- Michael Francis