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All Forum Posts by: Brandon Paul

Brandon Paul has started 9 posts and replied 13 times.

Post: Issuing 1099's for Vendors

Brandon PaulPosted
  • St. Petersburg, FL
  • Posts 13
  • Votes 2

@Shera Gregory Thank you for clarifying.

Post: Are you a productive property manager?

Brandon PaulPosted
  • St. Petersburg, FL
  • Posts 13
  • Votes 2

Hey guys. I just finished up putting together a blog post for our website. Its about productivity and the 10 traits that make a property manager productive.

This list was originally created by one of our office's leading property managers, Sharon (a veteran property manager of 19 years), and I thought you guys might receive some value from it.

Please share your thoughts and let me know if you agree or disagree with the items on the list below:

1. Organization

Property Managers have to be organized all the time. Without a prioritized to-do list, a clear desk, and a firm understanding of what needs to be done on any given day, rental properties would fall apart at the seams.

2. Checking Things Off The List

Speaking of to-do lists, property managers are always crossing things off of them. Each action completed comes with the reward of a bold strike-through, giving you the satisfaction that your mission is complete.

3. Connecting With People

As a property manager, you are constantly interacting with people – over the phone scheduling maintenance, by email answering questions, etc. – it’s crucial to connect with everyone you talk to on a personal level, and you excel at making personal connections.

4. Multitasking

Unit 1 needs a new stove, there’s a leak in the roof at 42nd St., the pool is green at a vacant property and a potential owner is coming in 5 minutes to talk about signing a contract. For property managers, multitasking is everything, and you know how to keep a smile on your face while you process what can sometimes feel like chaos. At the end of the day, you’ve multitasked your way out of the jungle and can spend the last few minutes of your day in peace.

5. Prioritizing Work

Property managers know that if they don’t do the work, they won’t make their rent, literally. So you understand, better than most, that working hard leads to a direct reward. That’s why you’re the poster child for coming in on-time and leaving when the job is done, not when the clock runs out.

6. Spotting Areas of Improvement

There’s a certain eye that can catch areas in need of improvement, and property managers have that. You can scan your property and know exactly what changes need to be made to keep the community looking better every day.

7. Staying Calm Under Pressure

Remember all those to-do list items you’ve managed to keep organized? That means pressure. Property managers are often in a race against the clock when it comes to getting work orders complete and depositing funds into your accounts, among other tasks, but you manage to complete your responsibilities, all while staying cool under pressure.

8. Remembering Names

Remembering names is a huge part of connecting with people, which is probably why property managers are so good at it. If someone calls in from unit 6, you know their name, their dog’s name, and maybe even the name of their grandmother that helps them pay the rent. Remembering names is a sure way to make your tenants know you view them as more than just an occupant.

9. Making People Happy

As a property manager, you’re constantly meeting the needs and wants of your tenants. You know exactly how to solve their problems, and even if you personally can’t fix their dishwasher, you’ll arrange for a maintenance expert to get the job done right away.

10. Taking On Responsibility

A property is completely in the hands of a property manager, which means you’re awesome at taking on responsibility. Juggling dozens, hundreds, maybe even thousands of units means you’re accountable for all those residents, and their rent checks each month are a sure sign your doing it well.

Have anything to add? Respond and let us know your thoughts.

Post: Issuing 1099's for Vendors

Brandon PaulPosted
  • St. Petersburg, FL
  • Posts 13
  • Votes 2

When do you need to issue a 1099 to a vendor?

After contacting several tax accountants for an answer to this question, as well as an IRS agent, the answer provided was the same:

For example, if ABC Plumbing Company provides you with an EIN number for their business, you must still issue them a 1099 if you have paid them more than $600. If the name of the company that is indicated on the W9 that they have provided to you is ABC Plumbing, Inc., you then do not have to issue a 1099 to them as they are a corporation.

LLC's must always be issued a 1099 and they will have an EIN number.

Every year, the IRS can make changes to their requirements and it is important to have a tax accountant that is aware of any and all changes from year to year. It has been within the last several years that the IRS started requiring that LLC's be issued a 1099. This change is related to the basis in determining the vendors you must issue a 1099 even when an EIN number is provided to you on the W9.

The deadline for mailing 1099's to vendors is January 31st. The deadline for transmitting the information for vendors (those with amounts that have been paid indicated in Box 7 that are more than $600) to the IRS is also January 31st..