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- June 22, 2022
- General, Real Estate
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Salient Services A Private Real Estate Investor Might Need To Effectively Manage His/Her Property
If you have not read the previous post on tips to develop your real estate business as a private real investor, here is the link.
As a private investor, there are some services you might need to employ to manage your property and we are here to educate you on these services and their benefits.
1 – Accounting
As one’s property increases, there is the need to employ an accountant who will ensure that:
- Receipts are well tracked.
- Itemized income and expenses are well recorded.
- Proper reconciliation is well done with the company’s bank.
- Company’s tax obligations are promptly paid and filed.
- He updates the investor as to current development with respect to tax laws, and any policy that will emanate from the National, Regional, or Local Revenue Authorities.
2 – Legal Support
As a property owner or as an investor, one must be in the know that there are existing laws at the National, Regional and Local level. Consulting a legal firm can help you:
- Draft leases and landlord – tenancy agreements.
- Evict a tenant, hold vendors accountable when the need arises or when a breach of contract occurs.
- Stay up to date on all legal issues pertaining to your business.
3 – Maintenance
As one’s tenant list grows and the real estate holdings increases, there is the need for one to get well Planned Monitoring Maintenance Schedule (PMMS) for all reliable maintenance service providers (i.e., plumbers, electricians, contractors, appliance repair workers etc.) to help:
- Curb persistent maintenance complaints or request from tenants to the real estate owner.
- Enforce speedy response to complaints or request.
- Safeguard obsolescence.
- Strike a Key Performance Indicators (KPIs) with maintenance service providers/vendors.
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