Arizona

Property managers in Atlanta do a lot.

• Write rental property listings 

• Tenant screening

• Tenant placement

• Ensure easy rental property turnover 

• Perform regular maintenance 

• Help you make tax deductions

• Maximize rental income

• Avoid surprising liabilities

• Property inspection

• Early lease terminations

• Encourage qualified tenant renewals

• Manage tenant satisfaction

• Respond to every maintenance request ASAP

• Interact with your homeowner's association (HOA)

• Eviction

• And more

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Expertise and level-headedness are crucial to good property management. A good property manager knows how to talk with people, negotiate prices, and anticipate challenges. 

A good property manager also needs to maintain a professional, respectful, and amiable demeanor no matter what's going on. Property managers see it all, from renters excited to find a new home to residents in challenging circumstances facing eviction. Through it all, property managers need to know what to do and how to do it calmly.

In addition to asking a property manager about their experience, you should ask them how they would behave in particular scenarios. 

• How would they deal with a resident who is regularly late with rent? 

• What would they do if they got a call at 3 a.m. that a pipe had burst? 

• What gestures would they perform to increase resident retention? 

A property manager has to be ready for anything, but they also need to know whom to go to when they need help.

The property managers at Mynd find prospective renters, and perform a renter screening process that focuses on finding responsible, consistent, and reliable potential renters.

That means they pay rent when it's due, they communicate when maintenance or repairs are needed, and they meet all of the expectations outlined in your lease agreement.

Most importantly, Mynd focuses on finding renters who will stay in place for a long time, and they treat your property as if it is their own.

Mynd takes steps to minimize vacancies. 

• Advertising a property before the current resident's pre-agreed move-out date.

• Virtual tours and self-showings.

• Effective resident screening and speedy lease agreement signings.

• Avoiding leasing fraud.

• Minimizing property turnover time and moving tenants in quickly.

• Encouraging lease renewal through resident appreciation.

• Following all laws, rules, and regulations to avoid lease violations.

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There are benefits associated with single-family rental homes that can ease the tax burden. Among the expenses that can be deducted are:

• Cleaning and maintenance

• Mortgage interest

• Insurance costs

• Marketing budget for a property

• Property management fees

• Fees charged by a condo or homeowners association (HOA)

• Property taxes

• Services the investor pays for (gas, gutter cleaning, etc)

• Professional fees associated with income property, such as legal expenses or budget keeping.

Mynd has a primer on the 20 percent Qualified Business Deduction, one of the hidden tax benefits related to rental property ownership. And Mynd has a complete list of 31 tax deductions that are available to landlords that are often overlooked.

To avoid paying capital gains taxes when it comes time to sell a property, a seller can execute a 1031 exchange, which shields the profits from the sale of a property if it is used to buy another property of equal or greater value. But there is a time limit of 180 days for the purchase of a new property, which can put pressure on a buyer to accept a less desirable deal.

There’s yet another tax break for rental property owners known as the Qualified Business Income (QBI) deduction, which allows deductions of up to 20% off taxable rental income. The QBI has a threshold of $315,00 for married taxpayers and $157,000 for everyone else. Any income that falls below the threshold is allowed the full 20% deduction. Those who make more than the threshold can still get the deduction, but it’s a new and complicated deduction so a tax professional should offer guidance.