Streamlining Multiple Real Estate Services

[Julio Gonzalez]

Real estate investors often find themselves working with many providers between insurance, financing, property management, tax preparation and strategies, etc. This can be time consuming and frustrating to keep track of. Having each service separate can often result in delays, inefficiencies and more work for you as the owner. Combining your property insurance and tax strategy services (such as cost segregation) can help alleviate some of these frustrations.

The most important resource for any person is time. The more time you spend on administrative tasks coordinating with multiple service providers, the less time you get to spend on managing your properties, finding new potential investments and increasing your financial returns.

Tax strategies and property insurance are two areas that are highly customizable because no two portfolios are identical. There are a multitude of factors that come into play such as the type of property and its location, and the structure of your investment portfolio. Properties also have specific risks depending on if they are industrial spaces, commercial buildings or multi-family units. By utilizing one provider for both services, both can be aligned, customized to your portfolio’s needs which should achieve a better outcome overall.

Real estate investing can be very complex and navigating taxes, compliance and insurance can be overwhelming and complex, deterring some people from expanding their portfolio or from investing at all. If investors attempt to streamline their services, it can lead to a more organized approach to property management, lowers the risk of gaps in insurance coverage or missed tax benefits as well as simplifies communication and reduces confusion. This can make the real estate investing process and management more efficient and less burdensome.

Here's an article with additional FAQs on cost segregation studies that you may find helpful.

https://www.biggerpockets.com/forums/51/topics/1113749-cost-segregation-faq

Are you streamlining your services? What other services could you combine?