Rental Income Properties: How to Avoid the Paperwork Nightmare
January 20, 2020
The appeal of getting regular income from your rental income properties seems like such a simple idea at first, until you realize all the paperwork and other administrative jobs that it involves. Start with obtaining all the proper permits and licenses from municipal or provincial government agencies. Then knowing all the laws and regulations that have to be taken care of for safety, fire, accessibility and bylaw compliance makes it a formidable challenge for the first time renter. If only for the administration duties, it can make a lot of sense to take on the services of a professional Property Manager right from the start.
You may not require the physical services of a property management company such as doing the routing maintenance and repair work. However, when it comes to the administrative tasks and paperwork having the experienced staff and knowledge from working in the business for many years can save you a lot of time and frustration with the paperwork headaches.
Administrative tasks and associated paperwork that a professional Property Management Company can better handle for you:
- Tenant search, research and interviewingLease agreement preparation and enforcement
- Permits, registration and bylaw compliance documents
- Rent collection, deposit and follow-up when required
- Property and safety inspections
- Property taxes, utility bill payments
- Insurance coverage and payments
- Financial accounts and reports for business and tax purposes
- Routine maintenance scheduling and procurement
- Professional repairs and upgrade services coordinated
- Security and customer service support provided
- Condominium and Institutional management services
Don’t let yourself get burdened with the ever growing amounts of administrative paperwork needed to support your income property. Get the right advice and professional help from the ACCL Property Management team for all your administrative needs today. Contact us for more information about rental income property management.
