All real estate professionals need to rely on CPAs to do their taxes and make the most out of the benefits. That’s for sure. This, of course, means that, if you’re a part of this world, whether as an investor, a developer, a landlord or anything else, you will absolutely need to hire these professionals. After all, doing it all alone can lead to serious mistakes that you would much rather avoid.
But, we cannot deny the fact that the process of hiring these experts can also be riddled with mistakes – once again, mistakes you would much rather avoid. As you can see at Advise RE, great professionals make customized strategies to help you save on taxes, but you will absolutely need to be careful during the hiring process in order to choose those great professionals. And, as mentioned, it is not uncommon for people to make mistakes in that process.
Well, that’s what we are here for today. To put it simply, we are going to list some of the common mistakes that people make here, thus getting you acquainted with them and helping you avoid them, in an effort to find and hire a great real estate CPA. Without any more ado, thus, let us start listing those right away.
- Rushing Into It
When the tax season is approaching, you may be in a rush to actually find and hire a great CPA as soon as possible. And, while I do understand that, the truth is that you should never rush into things, as that could lead to some serious mistakes, and to your great dissatisfaction after you realize that they haven’t done a great job. Sure, you could be lucky enough to come across a great professional in such a hurry, but the point is that you really don’t want to risk it, and that you, instead, want to take your time to make the right hiring choice.
- Hiring a General CPA & Not Checking Specialization
Another thing that people often do is assume that all CPAs are the same. So, they proceed towards hiring a general CPA, without actually checking their specializations, which can turn out not to be the right move. Why? Because you want someone who specializes in the world of real estate, and who, therefore, has plenty of experience in doing taxes in that particular industry. Therefore, you should always check specialization and experience.
- Not Verifying Credentials
Next, you should never forget to verify the credentials of the CPAs you’re considering. To cut right to the chase, you want them to be properly licensed to do this kind of work, and you want them to be qualified for it. Most likely, you will get to find the information you need about this on the official sites of the companies you’re researching, but if not, you can always inquire about it once you start interviewing potential candidates.
- Choosing Based on the Fees
It is not uncommon for people to make any kinds of hiring decisions based on the fees, and they often do the same thing when it comes to hiring CPAs. Not a good thing, though. Why? Because, while I get that you may want to save money on the fees, the truth is that you will save much more on having the taxes done perfectly, meaning that the quality of service always trumps the fees. So, do consider those fees and compare them, but don’t forget to take all the other important factors into account as well.
- Not Checking Availability & Communication Quality
You don’t want a CPA who is unresponsive, do you? After all, when you need them, you want them to be right there for you, answering your questions quickly and addressing anything you need on time. This is why checking availability before making any kind of agreements is of crucial importance, and so is assessing the actual quality of communication. Take your time, thus, to have interviews with different candidates and do your best to assess these things before deciding on anything.
- Failing to Check Reputation
Failing to check reputation is another serious mistake that you should avoid. This is because you want to hire reliable and trusted professionals. So, just take at least a little bit of time to read some reviews or potentially talk to past clients directly, and thus inspect reputation and avoid hiring ill-reputed companies.
- Not Thinking About the Long Run
Finally, you should always think about the long run. Meaning that you shouldn’t make the mistake of hiring someone to do this year’s taxes for you, without checking if they can support you in the long-term as well. Of course, making a change if you’re not happy is completely normal, but the point is that you should think about the future when hiring your real estate CPA, because you’re in it for the long haul
>Read How to Pursue CPA from USA?