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Understanding Owner Statements: A Guide for Landlords

Understanding Owner Statements: A Guide for Landlords

Are you looking to rent out your property in Burlington, NC? It's no doubt one of the most thriving medium-sized cities in the country, with many favorable metrics.

Burlington has a low unemployment rate, lower housing costs, and a high median income. If you rent out your property, you may find your bank account thanking you!

However, there's one major strain that deters many potential landlords. The stress of preparing owner statements is enough to drive anyone up the wall.

But why not hire a property manager to help you?

Here's what you should know:

What Are Owner Statements?

Owner statements are records of your rental property's financial activity. This includes your rental income, expenses, and net cash flow. You'll need to provide this information to your accountant in preparation for filing your taxes.

Preparing owner statements is a time-consuming process and requires a lot of attention to detail. Property management companies can handle your financial transactions and prepare these statements.

For example, your property manager can collect your rental income for you. They'll also arrange for any repairs, renovations, or maintenance work. They'll keep records of these expenses and add them to the owner statements.

Now let's look at some of the other reasons why you should consider hiring a property manager.

Advantages of a Property Manager

Property managers can handle most tasks that you, as a landlord, are responsible for. They can screen tenants and find the best one for your needs. Once your tenants move in, they can resolve any conflicts or handle any issues with them.

Property managers also have a network of contractors. If your property needs any maintenance work, they'll contact the best contractor for the job. The best property managers can also oversee the work, so you won't have to get involved.

They'll be on-call, so you don't have to. If a tenant has an issue, they can contact your property manager. In most cases, the property manager will be available at a moment's notice for the tenant.

What about marketing your property? You don't have to worry, as property managers can handle this task as well! You can count on them to promote your property on listing websites and social media platforms.

If you want to keep your property exclusive, they'll only reach out to tenants in their network. You can give them a profile of your ideal tenant, and they'll find the perfect match for you.

Once you've hired a property manager, you'll soon find the process of being a landlord to be a lot less strenuous!

Succeed With Your Real Estate Journey

Now you know the benefits of hiring a property manager. They can assist you with tasks such as preparing owner statements.

This will help you keep accurate records of your rental income and expenses. It's a crucial aspect of running a real estate business, and it's best to leave the work to a professional.

Property managers will also help you with marketing, finding tenants, and hiring contractors. If you're ready to hire a property manager, Legacy Property Management NC is waiting to hear from you!