How long have you owned rentals or invested in real estate? If it has been long enough that you remember when somebody said "I'm down with that" it meant they had the flu (thanks Tim McGraw), then you know how much things have changed.
Has Real Estate Changed?
Interesting thing about real estate is that it is still real estate. Unlike television which is now a monitor, or a phone number that is now mobile, real estate has not been changed so much by technology. Land is land and a window is still a window. There are new materials that are built to last, or other marketing to create the illusion of newness. The truth is the same marketing improvements were occuring 20 years ago as they are today. Different materials, but a house is still a house.
About 10 years ago I thought the huge changes were all inside the walls. All the wiring that was going into the "Smart" houses of tomorrow. I was wrong. It all ended up being done without wires. Wireless. Pretty cool.
What Has Changed?
So where is my rambling diatribe headed? What has changed is the technology we use in the management of properties. I remember when it was a big deal that we could purchase some software and keep track of the entries for a property on a computer. Then, we could print out reports and mail them to the owners! Man, as my kids ask, did you also walk 10 miles to school?
Thanks to technology this is what has really changed: it is now easy for an owner to access the data that their manager is maintaining. I chose this topic for March as many of you are now trying to put together all of your information for your accountants. Or worse yet, so you can do your own taxes. I know! I just went through this process of spending a Sunday afternoon gathering statements and data for our accountant. I marveled at how easy it was for me to access data everywhere on the web that I needed. A job that use to take me a whole day or more could be managed now in just a few hours!
Your Access To All The Answers
Using WILMOTHManager.com it is simple to obtain data for your personal holdings. With over 20 different reports available, you can obtain answers swiftly and easily. If you have not dug into your owner portal, you really should. Everything you need to complete your Schedule E is right at your fingertips!
Just type into your browser www.WILMOTHManager.com and log in under "Management Sign In." Explore the different tabs but the one you want for your taxes is on the far right labled "Reports". The "Income Statement-Detailed" option will give you everything WILMOTH processed for you. If you have bills you handled yourself you will need to add those for your taxes. Simple idea- you can export your reports at WILMOTHManager into an excel spreadsheet. Then export your other data from other programs or sites relating to your properties into that same worksheet. With a little editing you will have created one combined statement with all of your expenses for each property!
What's Up With the Mart?
Quick update on the Mart for those of you who have expressed interest. We are almost ready to run the program by you. The tech stuff always takes longer than you expect or hope. More to come soon!
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