Local Property Management Services

If you have recently decided to become a landlord, you will quickly discover that the responsibilities involved in property management can be stressful and time-consuming. One of the ways to relieve the burden of being a landlord is to hire a local property management company. Real estate managers are trained professional with years of experience that can easily cope with some of the most stressful and time-consuming aspects of owning DC rental properties. Read on to learn how can these experts assist you.

Rent Collection

If you decide to invest in rental properties, but you don’t manage to provide yourself with a consistent and reliable cash flow, all your efforts will be in vain. In this real estate market, having a consistent and reliable cash flow signifies the difference between investing in real estate as a success or failure. If you decide to hire a professional residential property management company, you have ensured that your investments were a right choice. These professionals will take care of your property and ensure your rent is collected in a quick and efficient manner. Property managers DC have special systems that speed up the process of collecting rent as well as the payments for the duration of the lease. Of course, the collected money will be immediately deposited into your bank account.

Tenant Screening

One of the hardest responsibilities a landlord has is to find reliable tenants to occupy his property. If you hire the right experts, you won’t have to worry about this anymore because real estate management agencies have special assets, tools and strategies to ensure your property is occupied by the best possible tenants. Not only they will conduct a thorough screening process, but they will also get a detailed written statement from each tenant and perform a thorough background check. They can also check their references and get in touch with their past and present landlords or employers.

Knowledge of the Local Market

Another benefit of hiring a professional to take care of your rental property is their knowledge of the local market. Due to their wealth of knowledge and experience, they can help you determine the best rental rates and get the highest rental rate as possible for your home. Many landlords set their rents too high which can often lead to their property sit empty for a long time. By hiring the right experts, you will ensure your property is reasonably priced.

Apart from setting you the right price, they will also market your property and ensure it is rented in a rapid time frame. Your rentals will never be vacant for a longer time period. Since they are also familiarized with the local property laws and rules, they can assist you in making sure you are in line with the local and state rules and regulations.

Reports and Records

The experts your hire will also deliver you inspection reports and financial records. Property inspections will be done before, during and after the lease, while financial records will include all revenue and expenditure reports.

Starting a Business in Falls Church VA

If you are looking for information on living in Falls Church and starting a business, you have come to the right place. In this article, you will find all about the license requirements, taxes and other requirements you have to meet in order to open a company in this little, but prosperous town in Northern Virginia.

License Requirements

If you are thinking about starting a new commercial or professional enterprise, you first must get a specific license that can be obtained from the Commissioner of the Revenue’s Office. Before applying for a license, all new business owners must get a Certificate of Occupancy. You can receive this document at the Department of Development Services. If you want to buy an existing company, you will also need a license. A business license must be renewed every year before March first.

Federal Requirements and Taxes

As an employer, you must have your own federal employer identification number. This number can be obtained by filing a Federal Form SS-4 and submitting it to the Internal Revenue Service (IRS). If you have any doubts about getting your federal employer number, you should contact them for more information or visit their official website. If you plan to apply for incorporation or limited liability, your business must fulfil specific requirement established by the State Corporation Commission. All forms can be downloaded from the official website of the IRS.

When it comes to federal taxes, depending on the type of business you are planning to open, the IRS will ask you to fulfill different requirements. It would be best to contact the IRS and request a business tax kit. When it comes to employee taxes, the Federal Insurance Contributions Act (FICA) established that every employer has to withhold Social Security taxes from employee wages. No matter whether your taxes have been collected, as an employer, you are liable for them. At the request of an employee, income taxes also must be withheld and files quarterly on Federal Form 941. After this form is submitted, it can be deposited in any authorized bank.

Unemployment tax is established by the Federal Unemployment Tax Act (FUTA) and it paid by the employer only. You will get an annual tax return, and after completing Form 940, you can mail it with the payment and the annual tax return. Besides mentioned, sole proprietors’ income taxes have to be filed with the IRS every year. The same applies to partnership and corporate income taxes.

Have in mind, that if you have more than three regular employees, you will have to cover full worker’s compensation insurance at no cost to your employees. The employer can apply to be self-insured, or he can purchase the necessary insurance through a private insurance company.

Trade Name Registration

Unfortunately, in Falls Church, you trade names cannot be registered independently. However, the city has an agreement with Arlington County, and you can register your Falls Church business there. When choosing a trade name, it would be best to consult a lawyer to assist you and file the necessary papers on your behalf.