Rental Property Accounting, Financial Statements & ROI Reporting

When you own a rental property, you must keep track of all its expenses and income. Efficient bookkeeping for a rental property allows you to know how much value you’re gaining and be prepped for tax filing. Doing this manually can be a tedious task for most landlords. That's why you need a competent property manager that offers accurate rental property bookkeeping services.



At Harrisburg Property Management Group, we take care of all types of accounting for rental properties in Harrisburg, PA and beyond. From maintaining records of rent collection and all expenses paid, our full suite of property management services covers all rental property accounting services in Harrisburg, PA, including the following.

Keeping Accurate Rental Accounts

It's easier to track the success of your rental property when the accounts are orderly and up-to-date. If you aren’t trained to keep accurate accounting records, you can easily forget expenses. At Harrisburg Property Management Group:

• We not only help you receive rent, but we also keep a record of every expense made on your property.
• You can get a vivid picture of what comes in and what is used to maintain the apartment.
• We use modern software applications designed for managing rental property accounts.

Providing Real-Time Access to Rental Property Financial Information

With our feature-rich accounting software, we can provide an accurate picture of your investment property without waiting until the end of the financial year. This is the type of information you need to have to make better investment decisions in the future. Real-time account monitoring allows you to:

• Know if your property is running at a loss or making profit
• Decide whether you need to increase your rent to cover your expenses and move the property from loss to profit
• Know if the cost of renovations and repairs is becoming rather high
• Learn as much as possible about your property’s financial health

Rental Income Processing

When you rent out a property, it's important that you monitor your income. Harrisburg Property Management Group takes care of accounting and financial services for rental properties. This includes rental income processing tasks. Work with our team to collect rent from tenants with fewer obstacles.

With Harrisburg Property Management Group, you spend less time communicating with tenants about missed payments. We follow through to collect payments via an organized online system. Allow us to keep track of submitted payments and any corresponding late fees that accumulate over time.

 

Gone are the days of waiting around for physical checks. Our professionals have the ability to send electronic invoices and alerts that make it simple to receive your money when it is due. We use online payment tools that make it easy for payments to transfer directly to your bank.

Managing Rental Property Expense Budgets

As your property management company, we take responsibility for managing the expenses for each property in our care. Although we may need to exceed budgetary limits when there is an emergency, we won’t do so unless it’s necessary. Managing a budget for property maintenance enables you to:

• Avoid renovations that look or feel good without adding any value to the property
• Focus on the most important parts of the apartment or building when carrying out repairs
• Ensure that the rental property remains a profitable investment by keeping expenses lower than income
• Have some savings to deal with serious emergencies that can affect the physical structure or life of the tenants.

Bill Payment Procedures

Tenants use multiple utilities like electricity, gas and water. It will be outlined in your lease agreement which party is to pay for specific utilities. Harrisburg Property Management Group will oversee bill payments to make sure the person that owes money to a provider is contributing their share.



As a landlord, it can be hard to manage incoming and outgoing bills. Our experts will make sure utility bills and other expenses are handled in a timely manner. Reduce your chances of late fees year-round by having us monitor when bills surrounding your property are due. Achieve peace of mind through our investment property accounting services.

Filing Property Taxes

The IRS rules concerning rental properties can be quite generous to many individuals, and our bookkeeping helps you take full advantage of them. Landlords who have comprehensive records are better positioned to take full advantage of applicable tax laws. More importantly, our bookkeeping is designed to make it extremely efficient for any tax professional or accountant to review and incorporate your rental property details with your tax filing. For each client, we track the:

• Income from rent, utilities, repairs retained from security deposits, and other sources of income such as laundry or on-site storage facilities
• Property management fees
• Licensing and rental property inspection fees
• Costs of maintenance and repair, utilities, and other related expenses

1099 Preparation Services

The IRS requires landlords to report income received from a rental property in a calendar year on a 1099 form. Harrisburg Property Management Group has years of experience with 1099 preparation services. We'll explain what tax forms are mandatory for you to fill out for a given year. Our professionals accurately report your earnings and recommend tax deductions that may apply.

Providing Monthly and Annual Income and Expense Reporting Services

When you own a rental property, you must be able to determine the return on investment (ROI), so you can know how viable an investment is. We’re committed to managing our client's properties, so they can deliver a great ROI. We’ll help you do the math involved in determining your ROI by:

• Calculating the yearly rental income
• Subtracting the total expenses from yearly income to determine net income
• Assist you in calculating a variety of financial metrics

Rely on our investment property financing and accounting services, so you always know how much your rental space is earning long-term. We will reassess your property's value between lease agreements to get you the most for your apartment, condo or another dwelling.



Giving Property Investment Advice and Recommendations

In addition to providing financial reports on your property's ROI, we also offer professional investment advice on rental real estate. This helps you make better decisions to improve the viability and ROI of your existing rental home. It also gives you an idea of the type of ROI to expect when you invest in a new rental property.

Rent Collection & Accounting in Harrisburg, Mechanicsburg, Hershey, Carlise, York, Lebanon and Surrounding Areas

Property management requires so much in the way of day-to-day tasks — from maintenance and repairs to things like rent collection, accounting and so much more.

At Harrisburg Property Management Group, we offer accounting and rent collection assistance in Harrisburg, Mechanicsburg, Hershey, Carlise, York, Lebanon and surrounding areas as a part of our comprehensive suite of services. These complete management services help you make the most of your property ownership experience, freeing you up to focus on other things and to sit back and enjoy your returns. Take the stress out of property management by choosing Harrisburg Property Management Group for rent collection and rental property accounting in HHarrisburg, Mechanicsburg, Hershey, Carlise, York, Lebanon and surrounding areas.

Our rent collection process makes collecting rent easy for our partners. Tenants are able to pay rent online via a credit card, debit card, or bank account, or in person at our office. Property owners receive their monthly disbursements either as direct deposit or via a check within the first week of the month following collection. And if tenants do not make their payments on time, we’ll work to collect unpaid rent via phone calls, emails, and if necessary, eviction notices.

Security Deposit Management

Your tenant’s security deposit is a hedge against any breach of the lease contract or any damage to the apartment. But security deposit laws require you to take care of many details, maintain a separate landlord security deposit account and comply with various regulations to avoid unnecessary lawsuits.

At Harrisburg Property Management Group, we have the expertise to handle all security deposits as part of your full suite of property management services. We manage hundreds of new landlords' properties every year. But before you give us a call, learn more important details about our property management security deposit services below.

Efficient Collection of Security Deposits from Screened Tenants

After screening tenants and selecting the best one for your property, we ensure they pay the appropriate security deposit. With our extensive knowledge of the rental rates in each part of Harrisburg, Mechanicsburg, Carlisle, and the surrounding areas, we’ll help you determine the best amount your tenant should pay. Our service is designed to ensure that:

• Your tenant pays the security deposit before moving into the apartment.
• Your tenant agrees to comply with the terms of the lease agreement.
• The deposit is returned to the tenant in a timely manner, or an itemized list of damages being repaired using the security deposit is sent to the tenant within 30 days of move-out.

Walkthrough Inspections for Security Deposit Deductions

In Pennsylvania, a walkthrough inspection is not mandated by law. But it’s one of the best ways to be sure that the tenant knows the exact condition of your home before moving in. We always schedule a pre-move walkthrough inspection with the tenant to note the present condition of the property on our Pre-Move In Inspection Report. When necessary, the inspection involves taking pictures. As a result:

• Your tenant is not likely to file a claim against you when we help you deduct money to take care of damages.
• The tenant can sign and acknowledge that all major parts of the property are in excellent, habitable condition.
• All defects will be noted in writing.

Proper Opening of Security Deposit Escrow Account

At Harrisburg Property Management Group, we manage a very large number of security deposits every year and ensure all are deposited and recorded in an appropriate escrow account. Choosing us as your property manager ensures that:

• Your tenant receives a receipt promptly in line with state laws.
• The deposit doesn’t get lumped together with any other non-escrow funds.
• Any interest required by law is reported.

A Well-Coordinated Exit Process for Each Tenant

Managing the exit process for tenants is usually a tedious task for most property owners. It involves providing the tenant with a checklist of things to do before moving out along with ensuring they clean up the property and hand over the keys to you. We’ll relieve you of the stress involved in monitoring your tenants as they move out. Here’s how we help:

• We ensure that the tenant complies with the terms of the original lease agreement.
• We take pictures of the property and note all damages and repairs required.
• We help you compare the pre-move condition report with the post move-out condition report and after their exit.
• We note all damages and prepare a comprehensive list of all damages and the repairs required to be presented to the tenant according to all applicable state law.

Delinquency Tracking Services

Harrisburg Property Management Group performs thorough screenings for all tenants. We know previous renting histories and background checks are unable to predict the future. However, if a tenant misses multiple payments, our delinquency tracking services help you to make the right decision for maximum ROI.

We'll prepare monthly reports surrounding delinquent renters. One of our experts will contact your tenant to inquire more about missed payments. Once a late notice is issued, we monitor the situation to see if we get a response. The team at Harrisburg Property Management Group will recommend the next steps such as taking legal action when absolutely needed.

Effective Communication with a Tenant After Their Exit

We help you take care of one of the most vital aspects of security deposit management — communicating with tenants immediately after they move out of your property. After receiving the tenant's new address, we’ll send a letter to them with details about any repairs required and any deductions from the original deposit. Our service has helped many landlords in Mechanicsburg, Harrisburg, Carlisle, and the surrounding communities to enjoy:

• Prompt return of security deposits to avoid litigation
• Quicker repairs of the property to prepare for new tenants
• Shorter vacancy cycles
• Retention of the deposit when the tenant breaches the lease contract



At the Harrisburg Property Management Group, we provide security deposit collection and management as an integral part of our suite of property management services. We help make the process easier, faster and stress-free, ensuring that all accounting, interest payments, and refunds are handled promptly and in line with state property laws.

Rental Investment Consulting

Harrisburg Property Management Group offers rental property investment consulting services to landlords in Harrisburg and surrounding areas, as part of our full-service property management. We serve as a consultant for investing in rental properties to help landlords get optimum value from their real estate investment. Our clients have enjoyed the value we add in the form of research, property management, valuation, analysis, marketing and advisory services.

Here are some of the benefits you’ll enjoy when you choose HPM as your Harrisburg rental property investment consultant.

Property Investment Analysis

We have the expertise to help you know whether the new rental property you want to buy and renovate will be viable.

First, we discuss your objectives for your property investment. Then, we prepare the necessary research tools. Next, we set a schedule to carry out and provide a feedback report on our findings.

We perform site visits in Harrisburg and its surrounding communities. We also compile and analyze data on trends in the real estate market in the neighborhood where the property is located. Then we give you professional, data-supported advice concerning the viability of your investment.

Marketing of Multifamily or Condo Properties

Effective marketing and branding can improve the income and revenue derived from any rental property. Let our marketing department help you create unique brands for your investment properties. We’ll develop your concept for you or provide ideas you can adopt. Our marketing professionals know how to create a brand image that naturally attracts and retains good tenants.

Presale Restoration of Rental Property

If you intend to put up a rental property for sale, it’ll attract higher bids when it’s in well-maintained condition. With this in mind, we help you organize the most beneficial renovations for the property you’re planning to sell. Our team of property maintenance experts evaluates the cost of providing the most needed repairs and restorations. We also tell you the key selling points you need to focus on when you’re selling a rental property for maximum returns.

Effective Negotiation of Tax Assessment

Annually, all landlords and property investors must pay taxes based on the property evaluations performed by government officials. These assessments may not be congruent with current market value.

We have the experience and expertise to analyze your current tax assessment. When necessary, we can either help you challenge and negotiate the valuation, or connect you with the proper counsel to do so. Effective tax assessment valuation can save you thousands of dollars annually. That's why we help landlords save on taxes and enjoy more returns on their property investment.

Contact Harrisburg Property Management Today

These are some of the main rental property consulting services we offer at Harrisburg Property Management Group. For more details on how we can help you manage your property while you relax and enjoy optimal returns on your investment, give us a call today. Complete a contact form today to ask questions and learn more.New Paragraph