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	<title>Premium &#8211; HOA ALLIANCE</title>
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	<title>Premium &#8211; HOA ALLIANCE</title>
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		<title>Think Like An Owner: Tips For Property Management Growth</title>
		<link>https://www.hoaalliance.org/think-like-an-owner-tips-for-property-management-growth/</link>
					<comments>https://www.hoaalliance.org/think-like-an-owner-tips-for-property-management-growth/#respond</comments>
		
		<dc:creator><![CDATA[HOA Alliance]]></dc:creator>
		<pubDate>Fri, 06 Nov 2020 19:01:50 +0000</pubDate>
				<category><![CDATA[Boards & Associations]]></category>
		<category><![CDATA[HOA Learning Library]]></category>
		<category><![CDATA[Property Management]]></category>
		<category><![CDATA[Training Tips]]></category>
		<category><![CDATA[Homeowners]]></category>
		<category><![CDATA[Premium]]></category>
		<guid isPermaLink="false">https://www.hoaalliance.org/?p=8428</guid>

					<description><![CDATA[For a property management company, the focus on the bottom line drives attention toward efficiency and growth. From a fresh perspective, one of the best tips to accomplish these goals is to think like an owner.   The first article in this series focused on helping landlords and investors think like a tenant. Continuing on that theme, this article is dedicated to property management companies wanting to dive into the needs of the property owner in order to help grow their business. Before a deep dive into what property owners are looking for, take a moment to reflect on your business objectives and vision so that as you think about owners you can reimagine how your perspective aligns with their thoughts and needs. TYPES OF RENTAL PROPERTY OWNERS For a new property management company, working with owners may be a new experience. Seasoned property management companies though have likely dealt with one or all of these types of rental owners:&#160; The Investor The DIY Landlord The Accidental Landlord The Fed-Up Owner Some of these property owners may have fallen into property ownership through inheritance (The Accidental Landlord) or found they needed to relocate and decided not to sell their home (The DIY landlord). Other owners have a portfolio of investments as their sole source of income (The Investor). Others have decided that being a private landlord has become a source of stress and angst (The Fed-Up Owner).&#160; Whether an owner by choice or by circumstance, each type desires a return on their investment in the form of rental income as well as equity if and when they decide to sell. The resource below goes into detail on those four owner types.&#160; Although coming to property ownership from differing starting points, their commonality is the need for asset management. That’s where a good property management company comes into play to support those goals and relieve their concerns. Before diving into asset management issues, let’s take a look at some core needs first.&#160; UNDERSTAND A PROPERTY OWNERS NEEDS Thinking like an owner starts with understanding human needs common to all. In our first series article, Think Like a Tenant, we discussed Maslow’s Hierarchy of Needs to understand the needs of a renter. Similarly, it’s important to have a grasp of those basic needs of owners. The relationship between an owner and the management company might not intersect on the lower levels of basic physiological and safety needs, but certainly impact the need for belonging, esteem, and self-actualization. Everyone desires respect in a manner that is personalized and communicated in a way that makes us feel seen and heard.&#160;Meeting those core basic needs can immediately set you apart from all the other property management companies. Too often a property owner ends up feeling like a cog in the wheel, a nuisance, or just another supplier of the goods that the property management company needs instead of as an asset to the company.&#160; After those basic needs are met, bottom-line, property owners want to be informed and know that their questions (both spoken and unspoken) are answered. The types of questions an owner may have run the gambit from marking to management. It’s important to be prepared to answer those questions even if unexpressed. The resource below goes into detail on the questions owners might ask when searching for a property management company.&#160; THE BUSINESS NEEDS OF A RENTAL PROPERTY OWNER Getting into the mind of a rental owner, in addition to a healthy business relationship where they feel heard and understood, they need to know their business needs will be met. Let’s look at some of the things owners are thinking: Will my investment be well maintained?They want to know that their asset is in good hands and will be protected from neglect, bad tenants, and shoddy workmanship. This speaks to tenant screening practices, how you manage maintenance requests, routine maintenance tasks, and property inspections — your track record on the day-to-day activities that keep assets in the best condition. Does this property management company understand tenant relations?Just like you, owners are concerned with occupancy and tenant turnover. They want to know from you that you understand that an empty house is not profitable for either of you. Educate them on your tenant marketing strategies and tenant retention programs. Lean in and let them know the value you place on securing and keeping great tenants. Am I partnering with a reputable property management company?Be upfront with all the data pointing to that answer such as your online reputation, licensing information, years in business, outline management and maintenance team strengths, etc. If you are new to property management, you will need to up your interpersonal skills to build rapport and trust as you build your business. Established or new business, building trust is on-going so be sure never to over-commit as it leaves you open to under-delivering on a promise. Will I be left in the dark or kept in the loop?Owners crave information regarding their portfolio and you can provide that easily with a few simple tools. Brag about your property management software in how easy it is to access their data through an owner portal from any mobile device. Let them know you provide access 24/7 from their portal to those very important reports and ledgers. Many PM software programs also allow you to email or text important information from the program directly to their email or phone as well as share important documents to their owner portal file library. Does this rental management company really understand the industry?They want to know that you are an expert and will keep up with current trends, systems, and best practices. Don’t be shy in telling owners where you get your information and what you are reading to stay informed. A newsletter is a perfect opportunity to spread your knowledge and insight while helping owners stay current as well. In addition to being seen as an expert, it also helps keep the doors of communication]]></description>
		
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			</item>
		<item>
		<title>Ways to Keep Your Investment Property in Great Shape for Years to Come</title>
		<link>https://www.hoaalliance.org/ways-to-keep-your-investment-property-in-great-shape-for-years-to-come/</link>
					<comments>https://www.hoaalliance.org/ways-to-keep-your-investment-property-in-great-shape-for-years-to-come/#respond</comments>
		
		<dc:creator><![CDATA[HOA Alliance]]></dc:creator>
		<pubDate>Fri, 06 Nov 2020 18:37:37 +0000</pubDate>
				<category><![CDATA[Boards & Associations]]></category>
		<category><![CDATA[Maintenance & Repair]]></category>
		<category><![CDATA[Property Management]]></category>
		<category><![CDATA[HOA Legal]]></category>
		<category><![CDATA[Home Repair]]></category>
		<category><![CDATA[Homeowners]]></category>
		<category><![CDATA[Investment Property]]></category>
		<category><![CDATA[Maintenance]]></category>
		<category><![CDATA[Premium]]></category>
		<guid isPermaLink="false">https://www.hoaalliance.org/?p=8661</guid>

					<description><![CDATA[If you ask any first-time investor or landlord to sum up their first year in a single word, it’s likely to be this: “overwhelming.” The first few months of owning a rental property bring a host of new challenges, from finding good tenants and responding to their needs to&#160;dealing with HOA fees&#160;and investment property maintenance. Unless you grab the proverbial reins and take steps to organize, plan, and adjust, you’re going to be stuck feeling like you just move from crisis-to-crisis. It’s time to take charge. Here are three ways you can set yourself and your rental property up for sustained success: scheduling preventive maintenance, setting up an emergency fund, and becoming a quick-reacting owner. INVEST IN PREVENTATIVE MAINTENANCE AND UPKEEP Just like any home or condo, your rental property requires regular upkeep and care. This includes everything from lawn maintenance and landscaping to roof inspections and HVAC tune-ups.&#160; Our recommendation? Start by creating an investment property maintenance checklist. Take note of everything the property needs throughout the year, and then divide the projects out into their appropriate seasons. For example, it makes the most sense to inspect gutters and downspouts in the fall, right before winter snow and ice are set to arrive. On your new checklist, differentiate between tasks you can complete yourself and those you’ll need a professional to complete. The annual roof inspection, for instance, is best left to a licensed roofer. In any season,&#160;prioritize critical items. If nothing else, you’ll want to ensure that the property remains&#160;safe, secure, and habitable. That means its roof, HVAC systems, structure, and plumbing come first. Every property owner is going to have months where they’re unable to fully keep up with their rental’s maintenance needs. That’s life. As long as you take care of the essentials, you’re set. This includes scheduling spring and fall HVAC tune-ups. Your property’s heating and cooling systems require annual maintenance from a certified, experienced technician. An&#160;HVAC tune-up greatly reduces the risk of a system breakdown. By scheduling annual maintenance every year, you can even extend the lifespan of the property’s HVAC systems, pushing out the eventual date you need to replace them. For their part, your renters will appreciate the added energy savings and comfort that a professional tune-up brings. To protect the property’s roof, clean out gutters and downspouts in the fall. Leaf litter can clog these critical water channels, preventing moisture from leaving the roof. This can degrade shingles and eventually lead to roof leaks. Overhanging tree branches can also pose a threat to the roof structure, so make sure you or someone you’ve hired safely cuts those down before the next summer storm rolls into town. SET ASIDE MONEY FOR EMERGENCIES Start by setting up a savings account specifically earmarked for your rental property. Many property owners put their monthly rental income directly into this account and pay for the property’s overhead—including the mortgage, HOA fees, maintenance costs, and more. They then “pay” themselves with some of what’s left, leaving a residual balance leaving a residual balance (also known as a property reserve or account reserve) squirreled away future, unforeseen expenses.&#160; No matter how you slice it or set it up, it’s important to build a “rainy day” fund for your investment property. All homes, regardless of their age, location, or general condition, will inevitably need some form of emergency repair. It’s just part of the gig. Depending on the type and scope of the problem, it could mean you’re on the hook for thousands of dollars in repairs. Problems with the roof, foundation, structure, pipes, electrical wiring, or HVAC systems generally do not come cheap. The bank account you set up years ago and contributed to, through good times and bad, could be your saving grace when something goes wrong. Just how much you need to save is a matter of nuance and debate. The common advice given to new homeowners (and property owners) is to set aside 1-2% of their home’s value every year for ongoing repairs and maintenance. That’s $2,500 annually for a home worth $250,000.&#160; Like all generalizations, this approach has its flaws. First, there’s no&#160;actual&#160;connection between property value and property maintenance: the exact same house could be worth $700,000 in San Francisco and worth $100,000 in Omaha. With this approach, the San Francisco property owner would save too much, and the Omaha owner would save too little. Second, different homes have different needs. There are dozens of variables: the age of the home, the climate where you are, the number of stories, and more. If you’re a new property owner who just needs a starting point, start with the 1-2% figure, but plan on making adjustments as you go and price things out. When in doubt, save more than less—especially in that first year. That extra cushion could be a lifesaver in an emergency. ACT QUICKLY IN TIMES OF CRISIS One of the challenges of dealing with a rental property is that you’re not there. Outside of infrequent inspections, you’re not seeing the water heater, listening to the air conditioner running, or noticing that back door sticking. As a property owner, you’re more-or-less reliant on your tenant to let you know when something goes wrong. This is one of the key reasons why you need to&#160;establish a clear line of communication with your renter. If your renter feels uncomfortable contacting you, or feels as though their observations are ultimately ignored, they’ll be less likely to report small warning signs of impending problems. Let’s say they notice, one morning, that there’s water pooled under the water heater tank. The tank otherwise looks fine. If they have to call you and leave a voicemail, they may feel as though they’re bothering you over what is (likely) nothing. However, if you’ve given them your cell number, they might feel more comfortable sending you a quick text message to let you know what’s going on. You, knowing that a water heater leak is a common warning sign of a]]></description>
		
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		<item>
		<title>Tax Tips for Rental Properties – Rental Income and Deductions Landlords</title>
		<link>https://www.hoaalliance.org/tax-tips-for-rental-properties-rental-income-and-deductions-landlords/</link>
					<comments>https://www.hoaalliance.org/tax-tips-for-rental-properties-rental-income-and-deductions-landlords/#respond</comments>
		
		<dc:creator><![CDATA[HOA Alliance]]></dc:creator>
		<pubDate>Fri, 06 Nov 2020 18:00:47 +0000</pubDate>
				<category><![CDATA[HOA Learning Library]]></category>
		<category><![CDATA[Property Management]]></category>
		<category><![CDATA[Taxes]]></category>
		<category><![CDATA[Homeowners]]></category>
		<category><![CDATA[Landlord Tips]]></category>
		<category><![CDATA[Premium]]></category>
		<category><![CDATA[Tax Deductions]]></category>
		<guid isPermaLink="false">https://www.hoaalliance.org/?p=8965</guid>

					<description><![CDATA[Rental real estate offers favorable&#160;tax advantages&#160;compared to other types of investments. One of the biggest benefits of owning rental property come tax time are the special opportunities to deduct expenses related to your rental property and rental income. When you rent a property to others as a landlord or real estate investor, you must report the collected rental income as taxable income. &#160;The following article provides&#160;tax tips from the IRS for landlords&#160;reporting rental income and list of acceptable tax deductions offered to rental property owners. WHAT IS CONSIDERED RENTAL INCOME? Rental income includes all amounts you receive as rent from residential occupancy of your properties. You must include all income collected as rent from all your properties. Advanced rent&#160;received during the year, even if it is meant to cover rent in a future year, must be reported on the current year’s return. For example, if you have a 12-month lease that began in June 2016, and your tenant paid you first and last month’s rent up front, you would report the rent for June 2016 (first month’s rent) and May 2017 (last month’s rent) as rental income earned in 2016. Security deposit funds&#160;are not included in your tax return when you first receive them from a renter. Only if you keep all or a portion of the security deposit funds during the year as part of the lease terms, you must include the amount of the deposit you kept in your reported income that year. Fees collected from a tenant&#160;for things like late rent payments, pet fees, parking spaces, or early lease cancellation fees must be included in your total rental income for that year. Services received, instead of money, as rent, must be included as the fair market value of the services in your rental income. For example, your tenant is a painter and offers to paint your rental property instead of paying rent for two months. If you accept the offer, include in your rental income the amount the tenant would have paid for two months worth of rent. RENTAL PROPERTY TAX DEDUCTIONS FOR LANDLORDS The following list of landlord deductions is provided by the IRS to help investors at tax time minimize their tax burden. As you begin a new year, or prepare your taxes from the preceding year, make sure to keep excellent records of the following tax deductions available to landlords come tax time. The only way to make sure you are maximizing your tax deductions is to maintain proper records of all your expenses. Home Office: If you work from home and have a dedicated space for performing regular rental related business operations, landlords can claim a home office deduction. Repairs: Routine repairs and property maintenance are deductible expenses for landlords.  Repairs are treated differently than property improvements, however, and are deducted in the year they occurred.   Maintenance:  Maintenance can be confused with repair expenses, and the main difference is that you are performing routine and preventive services to maintain the condition of your property.   Mileage: Landlords may deduct car expenses related to their rental activity.  This can include driving to your properties for repairs, inspections, showings, turnover, etc.     Utilities:  If you pay for any utilities at your rental property, you can deduct the amounts from your taxable income. Utility payment deductions may include electricity, gas, water and sewer, and trash and recycling. Taxes: In general, landlords may be able to deduct property taxes (if your property is mortgage free!), business-related wage taxes, permit fees/inspection fees, and state, county, and city taxes, and personal property tax as it relates to your rental business. Travel Costs: Long distance travel related to your rental properties typically qualifies for as tax-deductible expenses as long as the airfare, hotel bills, meals, taxis, and other expenses are properly documented and relate to your rental business.    Insurance: Insurance premiums related to your rental activity are typically tax-deductible.    Interest: In general, individuals may deduct interest on money borrowed for a business or investment activity, including being a landlord. Depreciation: While the actual cost of a rental property is not fully deductible, landlords can deduct a portion of the cost of the property over several years for depreciation. Landlords will also find that money spent to improve the property is depreciated as well.   Legal &#38; Professional Fees: Landlords can deduct fees paid to attorneys, accountants, property management companies, business managers, and other professionals hired   Operating Expenses:  Purchases made for supplies or subscriptions used for managing your rental properties are tax-deductible.  This can include office supplies like pens, paper, ink, legal forms, or management books.  And also subscription-based services like phone bills or web-based property management software.   HOW DO I REPORT RENTAL INCOME AND EXPENSES? According to the IRS, landlords normally report rental income on&#160;Form 1040, Schedule E, Part I.&#160;List your total income, expenses, and depreciation for each rental property on the appropriate line of Schedule E. See the Instructions for Form 4562 to figure the amount of depreciation to enter on line 18. See&#160;Publication 527, Residential Rental Property, for more information. &#160; Make sure to speak with your tax professional if you have any questions or concerns about the tax opportunities available to rental property owners. See The Original Article On Rentec Direct]]></description>
		
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