Posts Tagged: multifamily

Continuous Improvement

The principle of continuous improvement, is fundamental to achieving and maintaining excellence, as demonstrated by the All Blacks, New Zealand’s rugby team. How do they stay the best in the world? It’s the relentless pursuit of continuous improvement!

Imagine the impact if we each strive to be just 1% better every day. Every small step forward creates a powerful ripple effect, transforming the entire team.

What’s your 1%?

One Bad Apple

What happens when you put a rotting apple in a bowl with fresh apples?

The rest of the apples will start to rot.

At Wayfinder Tax Relief, protecting our culture starts with who we hire.

One bad apple can ruin the bunch. By carefully selecting individuals who align with our values of integrity and excellence, we protect our team and our culture. This diligent hiring process ensures that our team remains motivated, productive, and dedicated to providing top-tier property tax services.

Our commitment to maintaining a strong, positive culture allows us to consistently deliver outstanding results for our clients.

Rig count vs Rent

Property valuation is an ever changing landscape based on a variety of different factors.  Markets are local and can be affected in different ways by the same stimulus.  For example, West Texas is heavily dependent on oil prices and production, while Dallas appears hardly affected. 

It is critical to know, understand, and track the factors that directly impact your property.  Those factors that impact rent, vacancy, the concessions given and the expenses needed to operate your property.  Let’s return to West Texas and oil.  Oil prices vary daily and can create a rather choppy looking graph.  By utilizing moving averages, we can spot trends in the market price.  By using a one year moving average and a two year moving average, we can begin to see market direction.  When the two year moving average is higher than the one year, it means that prices are falling much faster and typically we are entering into a bust for oil.  On the other hand, when the one year moving average exceeds the two year moving average, we are usually entering into a boom economy for oil.  Let’s see this in action in the Permian Basin. 

The oil price tends to be a leading indicator of the Permian Basin market.  Oil shows the direction of the shift before the rig counts can react.  Below is a graph of the rig counts and you can see from the dates, that they lag when the oil moving average lines cross.

What is most informative is the relationship between the oil rigs and market effect rent.  The direction of the rigs has an almost immediate effect on the rents charged and collected.  As rig counts drop, vacancies increase, rents drop in an attempt to keep renters, and the whole potential gross revenue of the property decreases.

By studying these market factors, you can begin to predict when the market dynamics are shifting and which way the market is headed.  By using oil price as a lead indicator in West Texas, you can begin to make proactive decisions on acquisitions, cost control, or any other number of issues in advance. 

Learning the factors affecting your specific property is not something that is done well with a fleeting glance. Does your agent really have the time dedicated to visiting your properties, and creating the documentation to secure the tax appeal reduction you deserve? 

Wayfinder Attribute: Effective

At Wayfinder, the attribute “Effective” embodies a directional and purposeful approach. It blends efficiency with dedication to excellence.

Effectiveness involves completing tasks in the most efficient way possible without sacrificing quality.

This attribute fosters a culture of inquiry, encouraging team members to ask questions that enhance understanding, drive innovation and achieve outstanding results. By doing this, it can allow us to be more efficient AND effective!

Actual vs Aspirational

At Wayfinder, integrity is one of our vital attributes.

It’s VITAL for our actual to match our aspirational, as we understand the importance of trust. Overpromising and underdelivering aren’t options.

We take pride in delivering on promises and building lasting relationships based on reliability and trustworthiness.

Wayfinder Attribute: Abundance

Vital Attribute: Abundance

Embracing the abundance attribute means selectively welcoming opportunities that align perfectly with our expertise and focus, steering clear of the distractions of ‘what if’s and maybe’s.’

The abundance mindset not only propels us forward, but it cultivates unwavering confidence in our ability to overcome obstacles and achieve success, no matter the circumstances.

The Real Housewife of Wayfinder Tax Relief

You may think that your accountant’s life is about as interesting as watching paint dry, and you would probably be right. But not all accountants are boring!

Experience our founder, William Ryan, like you never have before, from his beautiful wife’s point of view! 

The Game Changer

What Sets Exceptional Property Tax Consultants Apart

Having the right consultant by your side can be a game-changer, the difference between overpaying and securing fair assessments. You deserve a tax consultant that will truly care for your properties as much as you do.

Here are four indispensable qualities you can distinguish when choosing a property tax consultant that will make a difference in your results:

Passion for Your Company: 

A truly effective property tax consultant isn’t just in it for the paycheck; they’re genuinely invested in your company’s success. They take the time to understand your properties, the operations, and unique challenges. This passion translates into a deep commitment to securing the most favorable tax outcomes for your properties. Look for a consultant who demonstrates enthusiasm for your company’s mission and values, as this passion will drive them to go above and beyond in advocating for your interests. 

Exceptional Capabilities with Each County’s Property Tax Appeal Process and Relationships: 

Your consultant should not only possess a comprehensive understanding of tax laws, assessment methodologies, and appeal procedures for each county they will represent you in, but they should also have a respectful relationship with each county. They need to understand each county’s preferences and approaches. Proficiency in crafting compelling appeals, presenting persuasive arguments and providing an abundance of evidence while honoring the representatives from the assessor’s office is paramount to achieving favorable outcomes for you. Seek out consultants with a proven track record of success in reducing tax liabilities and securing fair assessments while maintaining high levels of respect from the assessor’s office in each jurisdiction. 

Personally Knowledgeable About Your Property’s Economic Dynamics: 

The economic drivers that affect each multifamily property are dynamic, influenced by a myriad of factors ranging from economic trends to regulatory changes. A top-tier property tax consultant is committed to continuous learning and staying current of developments that impact your industry, properties and the local economy. They conduct thorough market research, monitor trends, and leverage their insights to inform their strategies for minimizing your tax burden. Choose a consultant who demonstrates a hunger for knowledge and a proactive approach. 

Exuberance for Each Property: 

Effectively representing your interests in property tax matters requires energy, drive, and an unwavering commitment to excellence. Avoid consultants who spread themselves too thin, as this can lead to subpar results and missed opportunities for tax savings. Assessors love working with overwhelmed consultants because they are willing to take any reduction they offer. Instead, opt for tax consulting companies who limit the number of cases per consultant, prioritizing client success and relentless pursuit of optimal outcomes over a massive volume of work to increase their profits. Your consultant should possess the time, stamina and dedication necessary to effectively work on each case one by one without compromising on the quality of their work. 

Selecting the right property tax consultant is a critical decision that can significantly impact your property’s financial health. You can ensure that your properties are in capable hands as you invest the time and effort to find a consultant who embodies these essential attributes. 

Getting More Done

Are you maximizing your time?

Maximizing your time at work isn’t just about clocking in long hours; it’s about making every moment count. Efficiency is key. At Wayfinder, we leverage our unique strengths and collaborate effectively, so we’re able to accomplish more in less time. We provide support and resources to help our team members prioritize tasks, eliminate bottlenecks, and streamline processes.

It’s not about the time you put in working, but what you put into your work!

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