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Posts Tagged: tax professional

Property Tax Consulting: A Goldilocks Approach to Legacy Building 

Posted by & filed under Property Taxes.

Navigating the world of property tax consulting can sometimes feel like a journey through a modern Goldilocks story. For multifamily property owners, finding that “just right” approach to tax appeals is crucial—not too aggressive, not too passive, but perfectly balanced to protect your legacy and the profitability of your properties. 

Meet the Three Bears of Tax Consulting: 

1. The Overly Aggressive Consultant: Papa Bear might seem like he’s got your back, charging into appraisal board meetings with all the subtlety of a bull in a china shop. Sure, his aggressive tactics might scare up some immediate tax reductions. But what happens when you need zoning approval for a new project? Suddenly, those same county officials remember Papa Bear’s bluster, and they’re not so cooperative anymore. Your future projects could face unnecessary hurdles, all because your tax strategy bruised a few too many egos. 

2. The Overly Passive Consultant: Then there’s Mama Bear, always taking the path of least resistance. With a laid-back approach, she might prefer to avoid conflict and accept minimal reductions just to get through the process. Or she’s so overwhelmed with the number of appeals on her plate that she’ll accept any reduction, no matter how minimal. This approach might keep the peace with county officials, but at what cost? By not pushing hard enough, you could be leaving money on the table—money that could be reinvested into your properties, enhancing their value and your legacy. 

3. The Just Right Consultant: Baby Bear finds the sweet spot. This consultant knows the importance of being assertive yet respectful, combining a thorough understanding of the market with a strategic, measured approach. They advocate for fair tax assessments that reflect the true value of your properties, ensuring you don’t pay more than you should. Plus, they maintain good relationships with county officials, keeping future doors open for your projects and zoning needs. 

Strategies from the “Just Right” Consultant’s Playbook: 

  • Balanced Negotiation: The Just Right Consultant masters the art of negotiation—firm but always fair. This approach allows you to assert your needs effectively while maintaining good relations, ensuring you can advocate for your interests without alienating key decision-makers. 
  • Building Bridges: More than just avoiding conflicts, the Just Right Consultant focuses on nurturing relationships. Regular, respectful communication with county officials fosters a cooperative atmosphere, increasing the likelihood of support for your future projects. 
  • Detailed Preparation: With the Just Right Consultant, preparation is key. Armed with precise data and thorough market analysis, they present a compelling case for your property assessments, ensuring all arguments are grounded in solid evidence and clear insights. 

Make It Just Right: 

Don’t let your property tax strategy be too hot or too cold. Choose a “just right” approach that protects your investments and paves the way for a prosperous legacy.

Get in touch today to see how we can tailor our services to fit just right with your property portfolio. Together, we’ll make sure your property tax journey is a walk in the park, not a bear hunt. 

Property Tax Agent Checklist

Continuous Improvement

Posted by & filed under About Wayfinder.

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

Posted by & filed under About Wayfinder.

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.

Learn more about the Wayfinder team here!

Rig count vs Rent

Posted by & filed under Property Taxes.

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? 

Learn more about the Wayfinder Way here!

Wayfinder Attribute: Effective

Posted by & filed under Property Taxes.

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

Posted by & filed under About Wayfinder.

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

Posted by & filed under About Wayfinder.

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.

Trust

Posted by & filed under About Wayfinder.

At Wayfinder, we recognize trust as the cornerstone of a thriving work environment. We nurture an atmosphere where team members feel empowered to voice their ideas, take risks and rely on one another.

In teams with high levels of trust, synergy emerges-like musicians in a symphony. Each member understands their role and how it contributes to the collective performance. Just as musicians in an orchestra intuitively anticipate each other’s cues and rhythms, team members with trust are attuned to each other’s needs and strengths.

The Real Housewife of Wayfinder Tax Relief

Posted by & filed under About Wayfinder.

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! 

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