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 will go out in early February.
Last year, my rents for homes in Forest Lakes and Lake Monticello increased an average of $85 per month and there was no mass exodus as some expected by this large of an increase * it would cost more to move than the $900 - $1,000 increase so they remain since their children are in schools, friends are established and they are comfortable in the homes.
Those properties that will be vacated need to be marketed ASAP. Since I have interior photos of my properties when they are VACANT as well as floor plans created by my husband, I am already marketing properties that I know will be vacant.
Having taken web marketing classes in Scottsdale sponsored by HomeRentals.net (my website host) in Sept before the NARPM convention, I learned how to use Craigslist in a unique way to market homes FREE on the web and I am looking forward to testing my new found knowledge.
In the meantime, I'll carve out some time to watch Speed Weeks from Daytona and hopefully see a Toyota win their first Sprint Cup race (they won 2 Busch/Nationwide races in 2007)