Services To Real Estate Sector

Today real estate businesses are rapidly growing across the world. People are evolving themselves into property manager business, construction business, Fix and Flip business or sale of property business.

True Reckoner Advisory Services (TRAS) has a distinct division for our real estate clients having gamut of qualified and experienced professionals. Our well trained teams are providing assistance to real estate agents, property managers and to the owner of real estate properties.

TRAS team provides expertise in the core areas like accounting/bookkeeping services, tax preparation services, advertising/marketing services and litigation/eviction support services to our real estate clients.

Accounting/Bookkeeping Service

Our team of experts and qualified accountants are capable of handling the complex bookkeeping and accounting procedures for real estate brokers, property managers, and for the owner of the rental/fix and flip/held for sale properties. TRAS has a team of trained professionals who possesses huge experience in handling complex accounting software like Appfolio, Buildium, Yardi and etc.

Besides the basic bookkeeping and accounting functions like creating a chart of accounts, categorization/classification of transactions, bank and credit card reconciliation, accounts receivables and payables analysis, and preparation of financial reports, our team is having experience in  handling the below functions which are specifically pertaining to real estate industry:

For Property Managers:

• Setting of a separate class for each property and performing the class-wise categorization of transactions;
• Recording and reconciling the owner statement issued by property managers;
• Recording of purchase and sale of property from HUD statement issued by the client;
• Calculating the value of depreciation to be claimed as per relevant tax laws;
• Preparing income statement for each property and on total level;

For Property Owners:

• Setting up of tenant and owner page as per the terms of the contract;
• Creating tenant charge and applying for receivables/credits against the charge;
• Reconciling the balance in tenant ledger and owner statement;
• Creating work orders and recording work order bills;
• Recording payables and applying for payments;
• Recording receivables and applying deposits;
• Recording utility bills and chargeback the tenant whenever required;
• Diagnose the mismatch between security deposit liability and security deposit cash;
• Making payments for property taxes;
• Diagnose into adjusted cash out of balance issue;
• Processing of security deposit refunds;
• Handling move-in and move-out of the tenants;

Tax Preparation Service

Tax filings and other legal compliances are always a matter of big concern for all real estate businesses. There are multiple additional compliances and forms which are complex and need to comply with each year.

True Reckoner Advisory Services (TRAS) offers a bundle of such services to its real estate clients. Our dedicated team of experts is responsible for the below compliances:

• Federal and State Income Tax Compliance (including preparation of form 8825 for rental real estate income and expenses for each property, form 4562 for depreciation and amortization of real estate property, and form 4797 for sale of business property);
• 1099s Filing (including requesting W-9 forms from tenants and vendors);
• Payroll Report Filing (including preparation of form 940, form 941, and Form W-2);

Advertising/Marketing Service

It is crucial for every real estate business to list their properties in online portals like Craigslist and Show Mojo for rental or sale purposes. In today’s world digital advertising/marketing plays an important role to acquire the tenant on board or customer for purchase.

True Reckoner Advisory Services (TRAS) offers a dedicated team of experts who can list and advertise the properties on the portal of your choice. Our team provides 24/7 support to our real estate clients in order to boost the property listed on the portals. Our experts undergo the below process broadly for listing any properties:

• Collection of details like address, dimensions, and photographs of the properties;
• Inquire about the rental charges/sales value and other charges at which the property is available for rent/sale;
• Inquire about details like the date on which the property is available for rent/sale;
• Publish the listing of properties on the portal like Craigslist and Show Mojo;
• Updating the basic details and re-publish the listing of properties at regular intervals so that the tenant/customer can find the listing at top of the list;

Litigation/Eviction Support Service

Property Managers regularly face problems of not getting the rental charges and other charges being electric or water charges on time. It is common in businesses of property managers to undergo the litigation process in order to recover the unpaid dues and to evict the tenant from the property.

True Reckoner Advisory Services (TRAS) provide assistance to the property managers in handling the litigation process in an effective and efficient manner on time. We have a team of experienced analysts who will keep on tracking the tenants and send reminders to both tenant and property managers for any delay in payments.

Our team of experts undergoes the below process in order to reduce or handle the litigation process in a smooth manner:

• Sending delinquency reports on regular intervals to track any unpaid charges on time;
• Identify the reasons for any balance due in the tenant ledgers and make necessary corrections/adjustments, if required;
• Sending reminders to tenant and property managers so that dues can be collected in time;
• Reviewing the non-recurring charges in the tenant ledger like charges for utility expense and charges for late-payments and make necessary corrections/adjustments, if required;
• Identify the defaulted tenants so that the litigation process can be initiated on time;
• Preparing the case number wise tracker for all the notices and warrants;