Business Management

Are you ready for tax season?

Some people are and others dread it. The average business spends 23 hours and $470 on tax preparation every year.

The reason it’s so expensive and time consuming is because businesses are still following manual methods and continuing to stay unorganized.  Usually keeping all receipts in a box or binder then handing it over to their accountant to figure it out.  Then going back and forth with their accountant for weeks or months.  This is a stressful process, yet people follow it year after year.  Luckily, it doesn’t have to be that way.  SimplifyEm Property Management Software can help reduce money and time on tax preparation.

First, SimplifyEm has a built-in Schedule E form.  When income and expenses are entered in, they are automatically categorized according to the IRS categories.  When it’s tax time, SimplifyEm automatically populates the Schedule E based on the data that is entered in.  This means you no longer have to manually calculate everything yourself and in seconds you can simply print the Schedule E.  Adjustments can be made on the Schedule E that include insurance, mortgage interest, other interest and property taxes.  SimplifyEm also includes unlimited document storage so receipts, invoices and files can be uploaded with ease making tax time easier.  SimplifyEm can also track property ownership by an owner’s name or by a company entity.  Either way, each owner or entity is tracked separately and the system generates a Schedule E for each one.  SimplifyEm erases frustation and walks you through the process step-by-step.

SimplifyEm not only has the Schedule E form, but has 1099s too.  This includes the 1099-MISC form and the 1099-NEC form.  If you’re managing properties for other owners, the 1099-MISC are for your clients who received income on their properties.  The 1099-NEC forms are for contractors who completed any work and were paid $600 or more in a year.  This includes painters, plumbers, gardeners, and other professionals.  Both forms are automatically populated and you can print, e-mail, and e-file both 1099 forms.  A 1096 form is also required as a cover sheet for the 1099s.  SimplifyEm can generate the 1096 form for you, saving you time.

SimplifyEm streamlines every part of the property management business online.  Features include rental listings, online applications and leases, tenant screening, notices, texting, online payments, print checks, bank reconciliation, maintenance requests and work orders, over twenty reports and automation.  Automation includes the system automatically emailing the tenant rent reminders, rent receipts, late rent notices and adding late fees to the tenants’ balances.

SimplifyEm has been in business since 2006 and has helped over 150,000+ real estate investors and property managers all over the U.S.  As a SimplifyEm user, you will get free training and free unlimited customer support for yourself and tenants and vendors via phone, email and text.  SimplifyEm is passionate about helping businesses stay better organized and keeping everything in one system.  Finally have some peace of mind and make tax time easier on yourself this year and get SimplifyEm Property Management Software.  Get a free 15 day trial here.

Landlords and Tenants in Arizona – A landlord is not required to accept a partial payment of rent or other charges. A landlord accepting a partial payment of rent or other charges retains the right to proceed against a tenant only if the tenant agrees in a contemporaneous writing to the terms and conditions of the partial payment with regard to continuation of the tenancy. The written agreement shall contain a date on which the balance of the rent is due. The landlord may proceed as provided in article 4 of this chapter and in title 12, chapter 8 against a tenant in breach of this agreement or any other breach of the original rental agreement. If the landlord has provided the tenant with a notice of failure to pay rent as specified in section 33-1368, subsection B prior to the completion of the agreement for partial payment, no additional notice under section 33-1368, subsection B is required in case of a breach of the partial payment agreement.

Except as specified in subsection A of this section, acceptance of rent, or any portion thereof, with knowledge of a default by tenant or acceptance of performance by the tenant that varied from the terms of the rental agreement or rules or regulations subsequently adopted by the landlord constitutes a waiver of the right to terminate the rental agreement for that breach.

Source: www.azsos.gov/public_services/…landlord_tenant_act/residential.pdf

Simple Steps Which Can Help You in Attracting New Property Owners

For any property management company to stand out from the rest of the competitors in the market it is essential to have a solid reputation. Below are some simple steps which can help any property management company in gaining new property owners.

Show the Uniqueness of the Property Management Company

Surely, property owners are looking for someone who can take care of their properties but they are also looking for some bonus so it is essential to show them the unique features that the company offers.

Below are some ideas which can act as a magnet in attracting new owners.

• Help owners in finding investment properties and you can do this by creating a list of properties in which your owners might want to invest.
• Advertise owner’s rental properties in innovative ways by displaying all the outstanding features of it. Use internet marketing strategies in order to post high resolution pictures and description of the properties across various platforms.
• Take a look at your business processes and if not up to the mark then improve them immediately

Show that the Company is Committed to Growth

Show them that the company understands that, does not remain the same and the cutting edge knowledge of yesterday is no longer big news today. Show them that everyone in the company understands this and works hard to keep themselves ahead of the latest trends of the field.

• Use data management and analytics to understand the challenges which properties face in your area or region as this will make it easy for you to manage the properties of the owners.
• Study your process and policies to see if any improvement in them can make the lives of your owners and tenants better. For example, generally move-ins and move-outs are hectic and it will be of immense help to the tenants and owners if these could be simplified.

Owners not only want to know but want to see if you care for their properties like it is your own. It’s their investment and they are looking for someone very responsible who can take care of it.

Creating Successful Property Management Team

Like any other business, property management can only be successful when the employees work together as a team contributing their particular skillset in the growth and functioning of the company. When employees work as a team there is less conflict in every process and even the entire business runs smoothly and more successful.

So, how one can hope to get a right property management team in place for the business which can work together as a single unit? Below are few suggestions.

• Hiring the right people for the business is the first step. It may sound simple but having the right people in the office is the key ingredient when it comes to building a strong team.
• While interviewing the candidates, interview the whole person and not the person who appears to be on resume. It could even mean introducing the key candidates to some key staff members in order to see how they behave, act and interact. Ask them about their personal goals and not only about their last job. Ask them if they work alone better or perform well in a team. Knowing about their orientation will help your company to reach an informed decision.
• Offer your employees educational and advancement opportunities. While such opportunities can be limited in small offices, large companies which manage multiple properties can easily groom their employees.
• Think about cross training the staff. Most employees are more than happy to learn new skills rather sticking to their conventional job profile.
• Honor the open door policy. While many claim to implement it there are only few who exercise it. Take your time in listening to your employees without any presumption and judgment.

Create a strong group who know how to work together and this becomes the key factor when it comes to building a team as well as a positive environment and work culture.