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January is BUSY for Area Property Managers and Real Estate Agents.....
While brokerage real estate agents are contacting the property owners in their farm areas and "thinking outside of the box" for this spring's real estate market, area property managers are busy with entirely different duties.
By the end of December or early January, we send out year-end financial statements to our owner clients indicating their income and expenses for 2007.
Those of us who send out newsletters (mine go out quarterly and are posted on my website at the same time * http://VaHomes4Rent.com), the end of the year is a time to touch base on owners who may want to sell or purchase additional rental property.
We prepare 1099s for our owners and vendors which need to be mailed before January 31st. We wait the month of February to see if there are any discrepancies in records and then send our transmittal form AND IRS copies of the 1099s to the IRS.
This is also a time to start to think about lease renewals and rent increases. While properties that target UVa students as residents rent in October for the following June, rental homes in the area usually have leases that expire in May, June and July so renewal/rent increases notices ... more

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