Today’s blog is about how a Tampa property management company handles your finances.
One of the services you pay your property manager for is the proper handling of any accounting that pertains to your rental property. Transparency is very important when it comes to your finances, so make sure you’re working with a company that provides regular financial statements and is able to answer any questions you might have about your money.
All of your funds and your tenant’s funds will be kept in a Florida bank. This is required by law, particularly when it comes to the tenant’s security deposit. You and the tenant will know exactly where that money is throughout the term of the tenancy.
Your management company should pay you your rents as early in the month as possible. No one likes to wait for their money. Be sure to utilize a technology focused management company with skills as property managers to ensure tenants pay their rent on time, and who in turn directly deposit your proceeds into your bank account. Electronic deposits are far more efficient for property owners than waiting for a check.
Setting aside funds for repairs and maintenance is a good way to ensure your property is taken care of immediately any time there’s a problem. When you put a little bit of your rental income aside every month, you’ll build enough of a savings that you won’t have to worry about coming up with the money any time a repair is required. Our property owners find this very helpful and it helps the management company to take action on minor repairs as well as major problems right away.
In addition to receiving a rent payment every month, you’ll also get a complete accounting statement. That statement will list the amount of rent that was collected as well as any costs or expenses that were paid on your property for that time period. Those costs might include your management fee as well as any maintenance that was completed. You’ll always have the financial information you need, and you won’t have to wonder where your money is going. In addition to a monthly accounting statement, you should also make sure you receive an annual statement which will help you or your accountant with your taxes.
Managing your money is a critical function of a property manager. If you have any questions about how these things should be handled, please contact us at Rent it Network, and we’ll be happy to provide you with more information.