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According to ZipRecruiter, the average landlord salary in Florida is around $65,224 yearly. However, the range can vary significantly depending on the location. For example, some landlords even report making up to $112,842!
As a landlord in West Chapel, FL, yourself, you want to take a page out of the book of those six-figure earners or, at the very least, maximize your rental income. Luckily, a property manager can help you achieve this goal.
To that end, our team at PMI Noble created this "Owner Disbursements: What Can a Property Manager Do for Me?" guide. Read on to discover the benefits of property management solutions, especially their roles in the owner disbursement process.
Owner Disbursements 101
Owner disbursements are distributions made to property owners from the income generated by their rental properties. They typically come from rent payments collected from tenants.
Owner disbursements represent property investors' critical cash flow. Effective management of these disbursements is vital, as they can influence the overall performance of rental properties.
Property Manager Assistance in Disbursements
Property managers play a crucial role in owner disbursements, streamlining the management of:
- Rental income
- Operational expenses
- Financial records
One of the many roles of a full-service property manager is managing all financial transactions. They collect rent from tenants, which forms the basis for owner disbursement. They also process maintenance and other costs and provide transparent financial reporting.
So, with a property manager's help, you're more likely to collect rent on time. Your manager will also ensure your vendors and contractors receive timely payments.
The Owner Disbursement Process
The exact steps vary from one manager to another, but the steps usually look like this:
- Collecting rent from tenants on behalf of property owners
- Accurately accounting for all operating costs
- Deducting expenses from rental payments
- Preparing owner disbursement statements that outline income and expenses
- Depositing the income and profits (less deductions) to the landlord
Without a property manager on your team, you'll have to conduct all those steps, which are time-consuming and complex. Even more so for landlords without professional accounting or financial management backgrounds. You could easily make costly mistakes, leading to hefty IRS penalties or additional taxes!
Accounting and Property Management Solutions for Owners
Rental property owners can benefit from high-quality accounting and property management solutions through:
- Enhanced financial accuracy with software for automated tracking of rent payments and expenses
- Time savings, as managers handle the complexities of financial management
- Compliance with local, state, and federal taxation laws
- Staying informed regarding their properties' performance with detailed owner disbursement and financial reports
Owner Disbursements: What Can a Property Manager Do for Me? Now You Know
In this "Owner Disbursements: What Can a Property Manager Do for Me?" guide, you learned that property managers significantly improve rental accounting and financial processes. With their skills and tools, they can manage your rentals better, boost your profitability, and simplify your financial responsibilities.
PMI Noble is your premier choice for Wesley Chapel property management solutions. Our team of professionals brings decades of combined experience in real estate, sales, customer service, home maintenance, and property management.
Call us today to learn more, and we'll gladly provide a free property consultation!
