A number of Sonora and Twain Harte landowners have become landlords in the past five years by virtue of the slow real estate market and economy. Some put on the landlord hat before realizing the challenges they would face.
Here are a handful of reasons why owners of Sonora and Twain Harte real estate pay to hire property managers.
- Rising rents could bring Tuolumne County property owners some financial benefits.
- High maintenance costs can drain the profits.
- Property owners must maintain taxes, insurance, and homeowner association fees.
- Renters need to be screened in a lawful way.
- Landlords need legal contracts to protect themselves.
In the Wall Street Journal (12/12/11) Amy Hoak cautions, “No one should decide too quickly to become a landlord, a job that brings with it legal responsibilities, a steady parade of expenses, and unforeseen headaches. It might bring in extra cash, or it might be a sinkhole if the home sits empty or costs exceed the rent.”
A landlord should hire a property management company if he/she is not able or willing to do the job correctly. The company earns its fees by keeping the landlord out of the nitty-gritty of the rental business.
A property management company will deal directly with all prospects, saving landlords time and worry. The company will market the real estate, collect the rent, respond to the tenants, handles the maintenance and repairs, and edict problematic tenants.
Property management services are most welcome for owners who live out of town. If the property owner desires to rent out a vacation home in the Sonora or Twain Harte area, our Century 21 Wildwood property managers are located near the home. Our property management company in Tuolumne County can be quickly on site to take photographs, show the property, process applications, and start producing income for the landowner.
In addition, owners of many rental properties could need employees to assist them. Our property management services eliminate the need for multi-property owners to hire employees.
Our full-service Century 21 Wildwood property management firm will track the expenses and revenues to submit to tax professionals at the end of the year. Landlords can take several deductions for the rental of small residential properties. The deductions include interest, depreciation, repairs, local travel, long-distance travel, home office expenses if applicable, employees and independent contractors, casualty and theft losses, insurance, and legal and professional services including property management.
Posted by: Editor