Links & Resources

Here you will find valuable information including links to useful websites and downloadable documentation related to both Progressive Management and the property management industry.


FAQ'S

Are there tax benefits to using a property manager?

As a landlord, any professional services you require to maintain the investment may be tax-deductible. Property management services are tax-deductible and will most likely lower your tax bill. You may claim the entire cost of the services, but you must keep all of the invoices or statements the property management company issues you as evidence of the deduction's eligibility.

Not only are the services property management companies provide tax-deductible for the landlord, but they provide serious organization. Part of property management is issuing and managing all of the paperwork between the tenant and the landlord. This can come in handy come tax season, especially for landlords who are not particularly organized or good at bookkeeping. This allows the landlord to take the maximum deductions and credits she is permitted that may have been missed had the paperwork not been organized or easily sortable.

How do I get a higher quality tenant?

Think of tenant screening as the moat and draw bridge around your castle. It is certainly possible to get a bad tenant out of your home once they are in, but itís a real hassle and you are so much better off never accepting them in the first place. A thorough screening process results in reliable tenants that:

  • Pay on time
  • Rent longer
  • Put less wear and tear on the unit
  • Generally cause less problems

      An experienced property management company has seen thousands of applications and knows how to quickly dig for the real facts about candidates and analyze that information for warning signs. By allowing a management company to handle the screening, you will also be shielding yourself from rental scams directed at owners, and discrimination lawsuits resulting from an inconsistent screening process. This kind of experience takes time, and insomuch as it means avoiding bad tenants, scams and lawsuits it is arguably one of the most significant benefits a property management company will provide.

      How do PM's achieve better tenant retention

      While its easy to see the effects of lost rent, there are other equally serious problems with a high tenant turnover rate. The turnover process involves a thorough cleaning, changing the locks, painting the walls and possibly new carpet or small repairs, not to mention all the effort associated with marketing, showing , screening and settling in a new tenant. This is a time-consuming and expensive process that can often be averted by keeping tenants happy and well cared for.

      A good property management company will have a time-tested tenant retention policy that ensures happy tenants with lengthy stays in your properties. These kinds of programs require a consistent, systematic approach, which is where a good property management company will shine.

      How to PM ensure shorter vacancy cycles?

      A property manager will help you perform three critical tasks that affect how long it takes to fill your vacancies:

      • Improve and prepare the property for rent - A property manager will suggest and oversee cosmetic improvements that maximize revenue.
      • Determine the best rent rate - Too high and you are stuck waiting, to low and youíre losing money every month the tenant is in the unit. Determining the optimal price requires knowledge of the local market, data on recently sold comparables, and access to rental rate tools.
      • Effectively market your property - An experienced property management company has written hundreds of ads and understands what to say and where advertise in order to get a larger pool of candidates in a shorter period of time. Additionally because of their volume they can usually negotiate cheaper advertising rates both online and offline. Lastly, they are familiar with sales and know how to close when they field calls from prospects and take them on showings.