Many of the investors we work with are located in other states and even other countries, so we’re often asked what that means for financial matters. A good property management company will be able to handle all deposits electronically and keep you informed of the costs associated with your rental property so there are no surprises.
Rent Collection and Disbursements
All the tenants we work with know that rent is due on the first of every month. In the Commonwealth of Virginia, landlords are not permitted to consider rental payments late until the sixth of the month. This means a lot of tenants will wait until the fourth or fifth to pay their rent. We can electronically deposit your rent into your account on the 10th of each month. The software we use allows us to make ACH payments directly into your bank account every time a tenant’s rent clears. You also have the option of having a check mailed to you, but if you live outside Northern Virginia, you’ll appreciate the convenience of automatic deposits.
Paying for Maintenance
Having a separate escrow account to cover maintenance expenses is a convenience that most off-site property owners appreciate. You will keep $300 in this account every month, to take care of minor repairs that are needed at your property, and you’ll see it reflected in your monthly statement. This streamlines all the easy fixes that your property might need, and it means there isn’t a delay in making repairs. Any large or unexpected expenses will be discussed with you before we authorize them.
Monthly Accounting Statements
Communication is important, and you’ll always have access to information about your account. In addition to our online portal, which you can view from anywhere in the world, you’ll also receive a monthly accounting statement by email. This will reflect the money you earned in rent, the money that was spent in repairs or other costs and any additional notes on the performance of your property. At the end of the year, we also provide you with a 1099 form to make your tax filing a lot easier. A good property management company believes in transparency and access when it comes to handling your finances. If you’d like to hear more about what we do for our clients with property in Northern Virginia, please don’t hesitate to contact us at ARMI Property Mangement, and we’d be happy to tell you more.