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What Property Managers Need To Know At Year’s End

What Property Managers Need To Know At Year’s End

When it comes to property management, a lot of things need to be checked off the list by the end of the year. To avoid the stress of a last minute hassle to get everything in order, check out these tips to make sure you have everything taken care of in regards to your list.

As a property manager, you need to keep in contact with your owners and send them a year’s end list of items to be accounted for in regards to their Houston area property. A statement of this nature should include items such as:

  • A 12-month consolidated Operating Statement and a General Lender Report.
  • Property tax receipts that have been paid
  • A mortgage 1099 – INT statement on any mortgages paid.

Make sure that you are prepared to send these messages to your owners so that you are not in a frantic panic on Ney Year’s Eve. Also, if you have had a successful business relationship with your tenants, do not forget to express your gratitude and remind them of the potential benefits they can enjoy if they continue renting property in the area from you. A short thank you to John Smith for renting commercial real-estate in downtown Houston stating how much you’ve enjoyed having him as a tenant can play a major role in that individual continuing to do business with you. Remind the tenant that they have the ability to claim a deduction, if applicable, for the rent that they have paid for the year. Be sure to include a total rent paid statement when mentioning this to your property owner. In addition, as far as vendors are concerned, include a 1099-MISC statement for all money paid to vendor that surpasses a total of $600.

When it comes to accountability with property management, it can be rather simple to keep track of your commercial locations if you remain organized and have the right tools at your disposal. For more information on property management in the Greater Houston area, contact Greenberg Company today at 713.778.0900.