What We Offer
As an owner of an investment property you want a company who will look after your best interests. Greg Garrett Property Management is committed to providing the highest possible service for you and your property. We are committed to:
- Actively advertise your property, including on the internet and on our website
- Place your property in the Multiple Listing Service (MLS)
- Set show appointments and show your property
- Process applications – check credit report & references
- Draw lease agreement and distribute copies
- Perform move-in inspections
- Collect monthly rents
- Send monthly & annual statements
- Prepare yearly 1099 forms
- Supervise repairs & maintenance
- File W9 forms
- File R5 forms, if necessary
- Perform move-out inspections
- File for collections and garnishments, if necessary
You will also receive at the end of each month a financial statement, copies of bills we paid on your behalf and of course your proceeds for the month. At the end of the year you will receive a 1099 for reporting to the IRS.
Do you need a Property Manager?
What to ask yourself to determine if you need help to manage your investment. Here are a few things that can help you make up your mind.
How close are you to your home? This is huge when thinking about repairs and emergency maintenance, regular home inspection and collections. Are you going to be able to carve the time out you need to deal with these issues?
Have you though about how much rent you should be asking. If you ask too little there could be $$$ left on the table ask too much and you could be sitting with a vacant property for months.
Accounting is another area that needs some thought.Record keeping of property costs and income at tax time is very important to make sure you are filing properly. A property management company will keep track of all of your costs and income. Most will send you monthly statements and will provide a 1099 at the end of the year.
Application and tenant approval is essential to finding good tenant for you home. Do you have the ability to do background checks on rental history, credit and confirm income to qualify your new tenant. Not doing this properly can cost you thousands of dollars in rent loss and damages
Finally proper representation in court when you have to go is also essential. Property management companies have experience in court and will have an Attorney on retainer for some of the difficult problems that might arise.
If you have questions on any of these it might be in your best interest in talking with a property management company. Greg Garrett Property Management would be happy to set up a time to discuss all of your property management needs.
