Latest News | Pyramis Company

San Antonio's Property Management Specialists

Since 1985, the Pyramis Company has grown to become one of the most successful professional fee management firms in San Antonio. The Pyramis Company currently manages single family units, as well as small apartments, in the San Antonio and Bexar County area. Our personal commitment lies with the owners we work for. This is why we have had some of our clients since the 1980s. Once our clients see what we can do for them, they stick with us.

The Do-It-Yourself Myth

 

Have you been holding off on hiring a property management company because you think you could do a better job? Maybe you thought that property management was too expensive for you to afford with your new property. No matter what your motivation is, there is a prevalent myth that managing your property on your own is a superior choice to hiring professionals. You might unknowingly be costing yourself a lot of time and money by trying to do things all on your own.

 

Like every myth, this needs to be dismantled so you can finally see the truth and experience the peace of mind that comes with property management. Take a look at a few of these common excuses for the do-it-yourself myth and how expert attention might be able to help.

 

I can find my own tenants that will be reliable and trustworthy

 

Some property owners feel that they can accurately judge who is going to pay their bills on time each month with a short interview. Unfortunately, people can pretend to be almost anything for a short period of time. If you are searching for your own tenants, you run the risk of selecting a renter who isn’t qualified to occupy your home because of their credit or their criminal background. Keep in mind that an eviction often averages more than $3,500 in fees.

 

A professional property management company can help you to select better tenants. We have a proven process that enables us to screen tenants based on their creditworthiness, their references, employment verification, and a criminal background check. Our system is far more reliable than a short interview and a homemade application.

 

Property management really isn’t that difficult

 

When you have great tenants and things are going smoothly, property management may not be that challenging for you. Have you thought about what things might be like in the future though? Very few property owners want to collect late rent payments from upset tenants, receive phone calls about repairs in the middle of the night, or do the paperwork for a necessary eviction. A property management company can handle all of these issues efficiently, freeing up your time for more important endeavors.

 

Doing it yourself is cheaper than property management

 

In most cases, doing something on your own is less expensive than hiring a professional. Property management could be an exception to that rule. Consider how much time you could save by having someone else handle showing your property, scheduling repairs, and collecting the rent payment. Time is money, after all. They can even help you to save money on repair fees if they have contracts and great working relationships with local contractors.

 

At Pyramis company, we strive to make our management fees affordable for everyone. The management fee is payable whenever your rent payment comes in, and we automatically deduct it so you don’t have to worry about a thing. The pricing is set on a sliding scale based on the unique needs of your property and how many properties you have with us. We also waive our fee for any month where your property sits empty.

Are you finally convinced that the do-it-yourself myth isn’t the way to go? Pyramis Company prides ourselves on our top-notch rental property management services. We can help you to take care of your property at a fair price!

 


 

Foundation Movement

Is there anything more worrisome than foundation movement on your home? This one simple fault affects the entire stability and strength of your home. After all, everything else rests right on top of this one all-important item. As nightmarish as it may be to uncover some movement in your foundation, you should know that you aren’t alone. Lots of homeowners face the same serious issue each year. The best thing you can do is catch the movement problems early by detecting the warning signs.

 

Find out what you should look for if you suspect that your property may have some foundation movement with these top signs.

 

Foundation or Wall Cracks

This is typically the first sign that homeowners will notice. You may see large cracks on the exterior of your home or in the concrete foundation at the bottom of the property. Small cracks and hairline fractures are usually harmless, but these cracks will be much larger gaps measuring ¼” or more. Even if you don’t see them on the outside of the home, you may still notice their effects on the inside.

 

If you are looking at the interior of the house, you will see more cracks appear in the walls around the doors, windows, and ceilings. While all cracks should be taken seriously, those that occur at a 45-degree angle indicate a more drastic problem. Depending on the type of flooring you have inside, this could even result in cracks across your floor that tear the vinyl or crack tiles. You may also have damage to your chimney or hearth.

 

Foundation Sinking

Maybe your foundation seems to be intact but your whole house appears to be getting shorter. You may notice that one corner or half of the house seems to be sinking into the dirt. The rest of the house may begin to follow once the shift has been made. This is definitely an issue you will want a professional to look at immediately. Even a one-inch shift can be cause for major concern when it comes to the structural integrity of the rest of the home.

 

Doors and Windows Stop Opening

When the foundation seems to be moving around, you will likely experience some difficulty opening your windows and doors. They might stick in their frames or refuse to close properly. A simple issue like this can make your daily life a lot more difficult. Be sure to eliminate other possible reasons for why your doors and windows don’t open, such as changes in humidity levels. However, this is something you may want to have a professional look at if the problem persists.

Depending on the extent of the damage, your repair could cost close to $10,000. The best thing you can do is to catch the damage early before it becomes more pervasive and requires greater intervention. With Pyramis Company, our well-known property management services can help you to spot the signs of foundation movement during our routine inspections of the property. Let us help you take better care of your homes!

 


 

The 5 Biggest Turnoffs for Renters and Buyers

Are you having a hard time finding renters and buyers for your property? You might be tempted to blame the housing market, but you should take a few minutes to assess whether your property is to blame. Landlords and property owners are often blind to some of the major issues with their homes. Unfortunately, renters and prospective buyers are painfully aware of the areas where your home might be falling short.

 

Most renters and buyers have a handful of common complaints about properties they view. If you have been hesitant to consider making some changes, maybe this list of the five biggest turnoffs will change your mind.

 

A Dirty House with Bad Odors

Would you want to live in a house that had trash all over the counters and an unidentifiable odor? Clutter, dirtiness, and pungent odors are all major turnoffs for prospective buyers and renters. In fact, this is the biggest turnoff with more than half of people agreeing they would walk away from a dirty home. You might need to hire a professional cleaning service to take care of the mess left by previous renters. It may even require a professional carpet cleaning to eliminate the obvious odor that permeates the entire building. A thorough cleaning can go a long way toward making your property more appealing to others.

 

Out-of-Date Designs

Homeowners and renters both want a home that seems like it came from this century. An old-fashioned kitchen space without any of the popular modern amenities isn’t going to cut it. Similarly, they want their bedrooms to appear modern enough that they can adapt to a new design and decorating style. The home should have some updates from the past decade that make it seem less old-fashioned.

 

Poor Maintenance

Maybe your last tenants beat the house up or you simply haven’t gotten around to the repairs. No matter what the reason is, your new potential renters and buyers don’t really care. They want to see a home that has been well maintained over the years. They may run away at the first signs of disrepair because they are afraid of other major issues that could be lurking just under the surface.

 

Weird Paint Colors

Sure, you love the electric blue paint in the living room but not everyone will. When you are showing a home, this isn’t the time to make drastic design decisions that might not pay off. Most buyers and renters want to see relatively neutral colors that will match their own décor. This allows them to visualize their own belongings in the space right away.

 

Dampness

Have you ever walked into a house and felt the moisture hanging in the air? This is a major turnoff for renters and buyers because it often signals a greater issue. Perhaps there is poor drainage in the yard or a pipe leak somewhere beneath the house. No matter what, a pervasive dampness doesn’t bode well when showing the home. You will need to identify the cause or install a dehumidifier to help alleviate the issue.

Take an honest look at your home to see if it is in move-in ready condition for a new renter or buyer. With the help of reputable property management companies like Pyramis Company, you can get your home in shape to sell or rent in no time at all. Contact us to see how we can help you transform your property today!

 


 

Homestead Exemptions

Are you 65 years old or older? Anyone over the age of 65 or any who is disabled, including disabled veterans, can take advantage of several homestead exemptions. This allows you to reduce your taxes, but you have to know how to apply for them properly. If you are ready to save on your taxes, we are ready to give you a crash course in everything you need to know to apply for the right homestead exemptions.

 

First, you need to make sure that both you and your property qualify for the homestead exemption. Your house must be your primary residence, though you may still get to keep your exemption even if you move. You will not lose this exemption if you are gone for up to two years. However, some people may need to move for more than two years if they’re in the military or require greater levels of service for their health. Under these unique circumstances, you may continue to receive your homestead exemption indefinitely.

 

Mandatory Homestead Exemptions

 

All owners of a qualifying homestead can meet the criteria for this exemption. The specific amount depends upon the owner’s circumstances, their homestead location, and how they use their property. There are several mandatory homestead exemptions that apply to every eligible citizen, including:

 

  • An exemption of $3000 dollars of assessed value from country tax levies for farm-to-market roads and flood control
  • An exemption a $15,000 from local school taxes for qualified homeowners
  • An exemption of an additional $10,000 in school taxes for owners who are over the age of 65 or disabled

 

Finally, there is one last mandatory homestead exemption specifically for disabled veterans. This last category requires that homeowners receive 100 percent disability as a result of a service-connected disability. They must also be considered 100 percent disabled and listed as non-employable by the United States Department of Veterans Affairs. In this unique situation, the homeowner will be exempted from all property taxes on their homestead.

 

Applying for Homestead Exemptions

 

Imagine all the money you can save with these homestead exemptions. Unfortunately, you have to know when and where to apply if you would like to receive these tax breaks. In order to apply for the exemptions, you will need to submit an application to your appraisal district for the homestead exemptions. This district will ultimately decide whether you were eligible for these additional savings.

 

One application should be enough and you should not need to apply again in the following years unless specifically requested. It is relatively rare that you should need to fill out a second application unless you move to a new district.

You can pay companies to file these applications for you, but it is relatively simple to handle on your own. You can find reputable San Antonio property management companies like Pyramis Company to answer any questions you may have about your application for homestead exemptions. We can help you to keep more money in your pocket and to take advantage of the perks that come with age.

 


 

Free Ride From the IRS

Is there anyone who doesn’t want a free ride from the IRS? Most people spend a lot of time trying to understand the tax rules and figure out how to make the most desirable outcome for themselves financially. It isn’t uncommon to see individuals who leave their entire tax scenario up for debate each year. Unfortunately, these people don’t realize that there is an easy way to achieve a free ride from the IRS using a Section 1031 Tax-Deferred Exchange.

Using this handy maneuver, you can essentially get rid of one of your properties without incurring capital gains taxes. Because you did not incur the capital gains tax liability, you now have the ability to let your deferred taxes go to work on your behalf instead of the federal government. You are receiving what equates to an interest-free loan straight from the IRS.

 

You might be wondering whether you can qualify for this free ride from the IRS. The requirements are a little involved, and it’s important to ensure that you understand them completely before proceeding with this endeavor.

 

First, you should know that the general definition of an exchange doesn’t necessarily mean that you are immediately trading one property for another. You may sometimes sell one property and hold off while you search for the perfect replacement. The IRS typically grants a 180-day window for property owners to shop for a replacement home. This entire process is known as a delayed exchange.

 

In order to qualify for the benefits of the exchange, you must meet four criteria:

 

 

  • The property must be used for business or investment.

 

 

Both of the properties in the exchange must be used as investment properties or business centers, even if they are not exactly the same. They might be exchanged for a property that is exactly the same (such as two rental houses) or for something different (a rental home versus a commercial building). They cannot be your primary residence or a property you are holding simply to sell.

 

 

  • You have a 45-day identification period.

 

 

From the date you close on the first property, you have 45 days to identify a proper replacement property that is identified in a letter signed by the exchanger and received by the intermediary. There are multiple ways to identify properties including the three-property rule and the 200% rule. Under certain circumstances, both of these rules may be broken as well.

 

 

  • You have 180 days to close on the new property.

 

 

From the date of your closing, you have 180 days to purchase a new property. However, the closing on the new property must take place at a minimum by April 15th. Otherwise, you have to file an extension on your taxes with the IRS.

 

 

  • Delayed exchanges must work with an intermediary.

 

 

If you choose to delay purchasing a new property, you must work with an IRS approved intermediary. This person is responsible for handling all of your paperwork in structuring the sale of your properties.

The good news is that you may never have to pay capital gains taxes if you are always doing an exchange. This could allow you to continue purchasing properties for years to come. Unless you’re selling them for profit, this Section 1031 Tax-Deferred Exchange is a great way to get a free ride from the IRS. Allow Pyramis Company and our commercial property management team to help you manage your investments wisely.