Putting your paperwork in order for 2024
Every business comes with essential admin and paperwork, and property investment is no different.
Paperwork associated with property management comes in different forms.
For instance, legal and compliance paperwork includes:
- Lease agreement
- Condition reports
- Inspection reports
- Safety and compliance such as pool fencing and smoke alarms
Then there’s the financial paperwork. This includes the financials associated with buying and selling the property:
- Contracts of purchase and sale
- Conveyancing and loan documents
And the ongoing running financials, such as:
- Costs associated with finding a tenant
- All income from the tenant
- Costs associated with maintenance, including cleaners, tradesman and repairs
- Costs such as utilities, council tax, strata fees.
All the financial costs are imperative for your tax return, and correct records ensure you can claim for everything you are entitled to.
How to keep on top of paperwork
If getting your property investment paperwork in order is your resolution for this year there is a very simple way in which you can keep that resolution for 2024 and beyond – get a property manager!
A good property manager not only manage the physical side of your investment property, such as finding a tenant, organising the necessary lease paperwork and managing your maintenance, they also manage and correctly record the financial outgoings paperwork and present to you at the end of each month.
Furthermore, they will ensure you meet all your annual legal obligations, such as regular safety checks and also remind you of when your insurance is due.
But with so many property managers out there, how do you know what makes not just a good property manager, but an excellent one? Take a look at our blog on what makes an excellent property manager!
We have an owner’s online portal for our property managers, where they can view leases, statements, financial reporting, ongoing maintenance, upcoming events, inspection reports and more. We also create a detailed annual report of all income and outgoings so landlords can give them to their accountants for their tax return.
The feedback from our owners’ online portal is that it is convenient and a comprehensive way of managing rental properties. As well as saving time and peace of mind all the paperwork is in order, property management costs are also a tax-deductible expense.
From the tenant’s point of view, they love it! They can see their statements, create new maintenance requests, see upcoming events, access receipts, rental information and lots more. It’s a quick an easy way to communicate with tenants, and enhances the relationship.
With many of our team having investment properties themselves, we are always exchanging ideas and looking at ways to streamline systems and make life easier for our landlords.
If you want to know more about our property management services or investing in property, get in touch. Our motto is very simple – we treat every property as if it’s one of our own.
We’ve helped thousands of people realise their dreams through property and our aim is to make your life easier. Simply give us a ring on 02 4956 9777, send us an email to mail@newcastlepropertymanagement.com.au or pop into our Cardiff office for a chat.
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