How Property Management Can Help Your Home-Based Business Level Up
There are a lot of million-dollar companies that once started in a garage or a home. Dell, Amazon and Apple are some of the more well-known businesses with humble beginnings, which is great news for you. With enough focus and a solid market, your home-based company may have the chops to make it big.
Does the exterior of your home or rental property match that potential? When it's time to upgrade to a bigger home to meet your business needs, you may also consider the benefits of property maintenance through a trustworthy professional service like Liberty Property Management. Here's how such a service ultimately benefits you as a business owner.
Focus on Your Work
When you're looking to buy a new home or invest in income property, there are several important steps you need to take; figuring out how much you can afford, finding a realtor, searching for a home online and getting pre-approved for a loan is just the beginning. On top of that, you have a business to run. Even after you've purchased a new home and are getting your business set up, your mind is probably far from wondering how tall your grass is or the state of your exterior paint. When you hire a professional property management partner, you get to focus on the important work of running your business while another pro handles the appearance of your property.
While many home-based businesses may operate completely online, rental properties rely on client traffic and good tenants for success. The Houston Chronicle explains structure and organization are among the top characteristics of professionalism in business, and a disheveled property can detract from that.
In addition, you are liable as both a homeowner and a business owner to maintain a safe property. If a client or tenant is injured from something like slipping on an icy walkway, you could be held liable.
One way you can protect yourself is by forming an LLC. In addition to tax advantages and less paperwork, a limited liability company can protect your personal assets (such as your new home) in the event that a client sues your business. Different states have varying regulations about LLC formation, so check your state's rules before filing, or consider using a formation service to avoid red tape and to save on lawyer fees.
Long-Term Peace of Mind
If you have purchased a home before, then you well understand the maintenance responsibilities of a homeowner and how they can quickly add up and eat away your free time. Pipe repair and roof repair are among the most common home repairs that are typically needed and may require professional help anyway.
Maintenance on an income property can be even tougher to stay on top of, particularly if you have high tenant turnover. Having a property manager can take these worries off your mind. You may also be able to use these repairs as a tax write-off for your business if you live in the home yourself. Talk to your tax preparer to see what options may be available for you.
Whether you're running a business out of your house or you're maintaining an income home, a property manager can make things easier for you by overseeing repairs and general upkeep of the property. Turning over the maintenance and management of the property allows you to focus on your business and appeal more to your clients or tenants. Expand your business with the help of a professional property management service like Liberty Property Management.