As a landlord, you only have so much time in the day to handle important tasks. This is especially true if you own multiple properties and may lack the time to manage everything efficiently. That's why it's no surprise that less than 50% of landlords manage their own units.
One area you don't want to slack on when doing this is owner disbursements. In this case, it makes sense to outsource the task to a property management company. Let's look at how they can help.
Rent Collection
Rent collection will be the primary function of a property manager when dealing with real estate owner payments. You need a way to reliably collect rent in a way that's convenient for both you and the tenants. Most property management companies have the tools for this.
Many management companies do this with a tenant portal. Tenants can log into a website and pay using their preferred payment method. Doing this makes collecting rental income distribution much easier.
Deal With Expenses
There are other things that the property owner funds than the rent received. There are also many expenses that go along with property ownership, such as repairs, legal issues, and other items.
A property manager will help keep track of these things. As a result, you can easily calculate real estate owner payments based on income and expenses and get paid exactly what you're owed.
Set Up a Schedule
It's on you to maintain a payment schedule with you to handle property management disbursements on your own. Although it isn't a huge deal to do the work, you'll still need to ensure you do it each month to get the money in your account.
Many of the systems a property management company uses allow for automatic rental income distribution. This means you can count on your rental income arriving in your account at the same time each month.
Get Regular Reports
Another great thing about working with reputable property managers is the reports you receive. On your own, you must create each report yourself. And if finances aren't one of your best skills, you may not get all the information required in your financial reports.
Property management companies can help provide all the information you need. You can get as many reports as required to help you look at your rental income from every angle possible. This information will help you make more informed decisions about your rental properties.
Handle Tenant Problems
Unfortunately, there may be some situations that arise with tenants that cause landlord payment processing problems. Tenants can get behind on their rent, which causes a delay in payments for you.
Property managers will handle these problems. They will do whatever they legally can to ensure the tenant pays what they owe and avoid unnecessary legal headaches.
Handle Your Owner Disbursements Correctly
As a landlord, collecting your rental income should be one of your top priorities. But it isn't as simple as withdrawing money from the bank. It also requires you to document your income and expenses to ensure payment accuracy.
Finding the right help can help you manage your owner disbursements. At Veno Properties, we offer management services that help with this and any other property management service you need. Contact us to learn more about what our team can do for you.
