How We Help Property Owners Optimize Their Budgets!
We are continuing our dive into one of the many roles Housing Hub takes on as a property management company - The Accountant! Last week we talked about rent, this week we are focusing on how we help property owners manage and optimize their budgets.
There are a number of different ways we assist owners in managing their finances - one of the services we provide is a property analysis. This allows us to take a step back and look at the property’s finances as a whole - how much rent income is it generating? How much are property taxes, mortgage costs, maintenance costs, lawn/snow care costs, management costs and utilities?
Once we get a grasp on those costs, we can determine how a property is performing and what steps we can take to improve it. Our continually growing portfolio of properties gives us unique insight into market trends, especially when it comes to rent.
Another service is paying their bills for them. The owner has an option to be almost completely hands-off if they would like Housing Hub to handle bills, outside services, tenants, and repairs. We can make the property ownership experience virtually passive. The more you allow Housing Hub to do, the more complete picture we can get of your portfolio and decide what makes the most sense for your properties.
If an owner’s property isn’t performing as well as anticipated, a property analysis allows us to locate areas of improvement, such as adjusting rent, helping to implement cost-saving measures and energy efficient practices that can lower utility bills, or educate owners about how refinancing with their bank could save them money.
Housing Hub also specializes in maintenance repairs, as well as flips/turns and renovations. Our team of general contractors and maintenance technicians are always available to give owners improvement recommendations for their property(s) and to help with any repairs or concerns they may have. We also assist with tenant turn-over, evictions, and shopping for rental property insurance. These are just some of the many ways to attack a poorly performing property.
We help owners take a step back and look at the bigger picture so they can strategize for the future, as well as educate them about the resources and services available to them through Housing Hub. There are many different goals when owning a rental property, whether it's for cash flow, tax advantages, 1031 exchanges, or to grow hard assets like real estate. Knowing an owner's goal can help tailor a pathway to achieving their goals.
We also provide property owners with an owner’s statement each month, so they can better keep track of their rental income and expenses.
As always, if you have any questions about the services we provide or would like to request a property analysis, please give our office a call.
Housing Hub is here to assist you in any way we can!