Real Estate Blog

Terms for investments are everywhere in real estate. You may hear lenders, agents and brokers talking the real estate jargon. If you are finding a way to be a part of the real estate world for any type of investment, you will want to become familiar with the different terms that are used in real estate. The first one to define is comparable sales.

Often times, comparable sales will be termed as comps. These will be the basis of your real estate investment and are important to know. If you are looking at a property, always ask what the comps are on the property. Your real estate agent, or you, will then look up a variety of factors to compare your property with the others around it. You can find these through various companies, the multiple listing service, (MLS), and even courthouses and newspapers. Continue reading ‘Weighing in the Factors with Comparable Sales’ »

Having to manage a number of properties will include many administrative tasks, including the maintenance of the property, looking after the building repairs and making sure the expenses are being paid. An owner who has tenants may want the service of a rental property management company to help assist. These companies will be able to provide a service that can include marketing the rental units, making sure they get the tenants and negotiating the leases and agreements. The management company of the rented out houses usually handles the collection of the rent and the complaints of the tenants. They also may be involved evicting tenants.

There are two types of property management companies, residential and commercial. What a commercial property manager does is look after the business of commercial properties that include things like the retail space, office buildings, or a storage facility. The residential property manager will cover the housing of rented properties, for example apartment buildings or family homes. Some countries will need the property manager to have a licensing especially when it comes to handling negotiating the lease agreements, the marketing of the property and the rent money.

Continue reading ‘What is Involved in Property Management?’ »

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We have several balance sheet accounts. We have assets, cash, receivables – rent that’s not been paid but is due – supplies, pre-paid rent, the value of your building less accumulated depreciation, and then you have equipment. There are some other accounts that in theory you could put in here, but it’s really not required.

Liability Accounts

Then we have what are called liability accounts. These are your accounts payable. These include salaries payable, taxes payable – real estate or even income taxes. If you have a mortgage on your property, mortgage payments, you would set it up as a liability. Continue reading ‘Residential Property Management – How to Set Up a Chart of Accounts’ »

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