Just over 40% of Oklahoma City residents are renters, making OKC a great target for rental property investors. What if you want to earn a rental income, but you don't necessarily enjoy crunching numbers?
The best OKC property managers offer adaptable services, from tenant screening to maintenance oversight. What new investors often realize is that property managers can also take over your portfolio accounting.
What are the advantages of outsourcing rental property accounting in Oklahoma City? Read on to find out.
Keeping Things Legal
Chances are, you've already started to realize just how much of your gross rental income needs to get reinvested into your property. In other words, your rental income isn't as straightforward as subtracting your mortgage payment from your monthly rent.
Did you know that Oklahoma laws also dictate how much money you get to pocket? For example, landlords should never consider a security deposit part of their profits. In fact, security deposits must be kept in their own bank account and used only under specific circumstances.
Federal, state, and local taxes will impact your adjusted rental income. Real estate accounting ensures that your taxes are filed properly and on time each year.
Making Better Financial Choices
What if you're spending more than you need to on vendors and maintenance? What if a few key upgrades could increase your rental valuation and your profits?
One of the most important things you can do to manage your real estate portfolio is to maximize your reinvestments. A real estate expert can evaluate your current expenses and make cuts wherever possible. Combined with a more proactive maintenance schedule, property managers can save money.
Better accounting can find room in your budget for upgrades. With the help of a property manager, you can prioritize value-add upgrades that meet OKC renter expectations.
Improving Tenant Relations
Rental property accounting includes several tenant-facing services. For example, a real estate accountant can help with:
- Rent collection
- Fees and deposits
- Utility costs
- One-time charges (e.g., lockout fees)
Better accounting means that you'll never lose track of a payment again. With the right software, you'll also data security to protect your tenants from identity and banking information theft. By taking better care of your finances, you'll have more room to improve your tenant's living environment.
These small improvements add up to create strong tenant relations. Not only will you attract tenants but you'll keep the tenants you've already come to trust and rely on.
Boost Your Profits With Rental Property Accounting
Oklahoma City, OK is a great place for real estate investors to build their portfolios. We have tons of renters looking for great apartments, townhouses, and single-family houses to call home. If crunching numbers isn't your thing, it's time to consider third-party rental property accounting.
At PMI, we are more than expert accountants. Our real estate expertise means that we can not only handle your finances, but we can also improve your rental property and your tenant relations. Learn more about our property management services in OKC and let us know how we can help.
