Latest news with #propertymanagement
BreakingNews.ie
7 hours ago
- Business
- BreakingNews.ie
Healy-Rae company linked to refugee accommodation records bumper post-tax profits
A property management firm linked to Minister of State Michael Healy-Rae's guesthouse accommodating Ukrainian refugees recorded bumper post-tax profits in 2023. Mr Healy-Rae, the Independent TD for Kerry, was appointed earlier this year as Minister of State at the Department of Agriculture with special responsibility for forestry. Advertisement New accounts filed by Mr Healy-Rae's Roughty Properties Ltd show it recorded a €465,860 post-tax profit during its first year in operation from May 9th, 2022, to May 31st, 2023. The abridged accounts do not disclose revenues but they do show that at the end of May 2023, the company's cash funds totalled €555,933. The overdue accounts were filed after a district court order dated May 13th this year extended time in which the annual return could be lodged with the Companies Office. The annual return shows that Mr Healy-Rae owns 100 per cent of the share capital of the company. The Kerry TD's entry in the Dáil Register of Members' Interests state that the main activity of Roughty Properties Ltd is "management of rental properties". Advertisement In the register, Mr Healy-Rae describes himself as an owner of rental properties and his entry lists 17 separate properties for letting including 14 houses. Separate figures published by the Department of Integration show that Mr Healy-Rae's Rosemont House in Tralee has received €1.22 million over two years and three months to the end of December last year. In 2022, Kerry County Council refused planning permission to Mr Healy-Rae's Roughty Properties Ltd's planning application for a three-storey extension to expand guest capacity at Rosemont Guest House. The new accounts confirm that the Roughty property firm is now Mr Healy-Rae's most profitable enterprise. Advertisement Separate accounts filed earlier this year by Mr Healy-Rae's plant hire firm, Roughty Plant Hire Ltd, show that its accumulated profits increased by €74,887 from €734,024 to €808,911 in the 12 months to the end of April 2024. The post-tax €74,887 profit at the plant hire services business for the 12 months was an 80 per cent increase on the €41,415 post tax profit for the prior 12 months. During the 12 months the company's cash funds more than doubled from €198,748 to €434,224. Numbers employed at the Kilgarvan based business during the year declined from 12 to five. Advertisement Ireland Family of woman who died after being hit by Healy-... Read More Separate accounts for another Michael Healy-Rae firm, which operates a fuel station and grocery shop in Kilgarvan, show it recorded post-tax losses of €26,986 last year. Accounts for Black Cap & Company Ltd show that the firm recorded the post-tax losses of €26,986 in the 12 months to the end of April 2024 are down sharply on the post-tax losses of €67,583 in the prior year. Last year, numbers employed by the business declined by one to 15, including directors. The company operates from a building housing a shop at Kilgarvan village. Mr Healy-Rae's entry to the Dáil's members' register of interests lists his other occupations as postmaster, farmer, service station owner and owner of rental properties. The Kerry deputy also has shares in the New York Times and owns 146 acres of farmland/forestry.
Washington Post
3 days ago
- Business
- Washington Post
Lawsuit alleging rent inflation in D.C. leads to $1 million settlement
D.C. Attorney General Brian Schwalb (D) announced a $1 million settlement in a lawsuit alleging that multiple property management companies conspired to inflate rents in 50,000 apartments in the city through the RealPage company's pricing software. Several lawsuits have been filed around the country in the past two years against RealPage, the maker of widely used property management software, alleging that the company collects landlords' private data to undermine competition and set higher rents. Schwalb's office, which sued RealPage and 14 of the city's 'largest landlords' in 2023, said that the William C. Smith and Co. property management firm is the first defendant in the lawsuit to reach a settlement with the city. WC Smith, which owns more than 9,000 of the affected units, according to Schwalb's office, has denied that it 'violated any law or engaged in any anticompetitive conduct,' according to the settlement. 'We have consistently asserted that we did not participate in any of the activities alleged by the Office of Attorney General in the RealPage litigation. We now have been dismissed from this case without admission of the allegations or acceptance of liability,' John Ritz, president of WC Smith, said in a statement. 'By settling this matter, we avoid considerable and unnecessary legal expenses and can return our focus to creating thriving communities for the residents of Washington, D.C. — which has been our mission for more than 50 years.' A spokesperson for RealPage did not immediately respond to a request for comment. The alleged actions by the Texas-based company and the property management companies that use its software have garnered increased attention in multiple states after numerous complaints from tenants about their escalating rents. In Maryland, Attorney General Anthony G. Brown (D) sued RealPage and six major landlords in the state earlier this year, alleging that RealPage products 'use non-public, competitively sensitive data — for example, the number of potential tenant visits to a property — to estimate supply and demand, and then generate a 'price' to charge that maximizes the landlord's revenue.' A bill that would have barred landlords from using RealPage software failed to advance to a vote. In its lawsuit, Schwalb's office alleged that RealPage offers 'revenue management' software to real estate owners and property managers that relies on competitive, nonpublic pricing data to estimate supply and demand for rental units. RealPage uses that data to generate 'an artificially inflated rental price that maximizes the landlord's revenue,' according to his office. More than 30 percent of D.C.'s apartments in buildings with five or more units, and about 6o percent of apartments in buildings with 50 units or more, are priced using RealPage's software, Schwalb's office said, leaving many residents 'with no choice but to pay RealPage's inflated rents.' Monday's settlement requires WC Smith to pay just over than $1 million to the District in civil penalties, money for affected residents and legal fees. Under the settlement's terms, WC Smith is prohibited from using revenue management software that relies on nonpublic data to set rent prices. The company must also refrain from promoting this software to other firms. 'Rents in DC are already sky-high, and amidst this housing affordability crisis, many of the District's top landlords operated as a housing cartel — illegally colluding to push rents even higher,' Schwalb said in a statement. 'I commend W.C. Smith for putting an end to its anticompetitive practices and cooperating with my office to reach this agreement.' 'We will continue working to hold RealPage and the remaining landlords accountable,' he added. RealPage has been the subject of lawsuits in several jurisdictions after a ProPublica investigation found that the company's software may have led to illegal rent increases. In an amended antitrust lawsuit filed in January, Illinois and Massachusetts joined eight other states and the Justice Department in alleging that RealPage coordinated with six property management firms to raise rents.
South China Morning Post
3 days ago
- General
- South China Morning Post
Hong Kong property managers to receive mediation training in new pilot scheme
Mediation training will be offered to property managers in Hong Kong as part of a government pilot scheme, launching next month, to help them better address water seepage complaints from tenants. Some 120 senior property management staff from around 90 private housing estates will be selected to join the pilot programme. Six training sessions will be conducted from July until the third quarter of next year, with each session containing about 20 participants, a Legislative Council panel heard on Monday. The city's justice secretary, Paul Lam Ting-kwok, said that the government aimed to cultivate a 'mediation culture' within society. 'Mediation is a flexible, constructive, time- and cost-effective approach in resolving disputes,' he said. 'We believe that a better understanding of mediation in the community can help build a harmonious society as it fosters a culture that embraces mutual respect, harmony, and inclusiveness.'
Forbes
3 days ago
- Business
- Forbes
How Leveraging IRAs May Help Expand Your Real Estate Portfolio
Ryan Barone is cofounder and CEO of RentRedi, a property management software that simplifies the renting process for landlords and renters. Traditional real estate financing has become increasingly challenging due to high interest rates and lending standards that often require larger down payments. For landlords who may already be fully leveraged or who want to avoid taking on more personal debt, these market conditions create a significant hurdle to expanding a real estate portfolio. As a property investor and long-time renter, and through my interactions with customers and partners in the real estate space, I'm constantly learning about how investors can leverage alternative funding sources to grow their real estate portfolios and build long-term wealth. Here's what I've learned about using individual retirement accounts (IRAs) as a potential means to invest in real estate. By tapping into existing retirement funds, investors can often sidestep traditional loan restrictions, avoid personal debt and unlock capital that would otherwise be tied up in the stock market. However, the rules around using retirement funds for real estate can be complex. Therefore, it's important to work with a tax or legal professional to make sure you're compliant and understand the risks. If you want to directly invest in real estate, a self-directed IRA (SDIRA) is one option to discuss with your advisor. An SDIRA is a type of IRA that can give you more control over your investment choices, as you're able to invest beyond traditional stocks and bonds. The account is managed by a custodian who holds the assets on your behalf and helps make sure everything stays compliant. Using an SDIRA, you may be able to buy a variety of rental properties, from single-family homes and multi-family buildings to land and commercial properties, if they comply with IRS rules. The IRA must cover maintenance and other ownership-related expenses, and any income from these investments must stay in your IRA. That income may then grow either tax-deferred (with a traditional IRA) or tax-free (with a Roth IRA). However, there are strict rules you need to follow with an SDIRA. For example, the properties you buy cannot be for personal use, and you can't engage in property transactions with "disqualified persons," such as close family members or certain people related to you within an account. Additionally, all property expenses and income must go through the IRA account, not your personal finances, to keep everything separate. You don't need a self-directed IRA to add real estate to your retirement strategy. Using traditional or Roth IRAs, you may be able to invest in real estate investment trusts (REITs), real estate mutual funds, exchange-traded funds or publicly traded real estate companies. If you opt for an SDIRA, you may be able to partner with other investors, which can help you scale your portfolio faster. According to The Entrust Group, which specializes in SDIRAs, you may partner your IRA's funds with those from a business partner, another investor, etc., to acquire larger or more valuable properties that might otherwise be out of reach. This strategy can be useful if you're looking to invest in bigger multi-family properties that require more capital. However, when partnering with others, it's crucial to have clear agreements in place regarding the ownership structure, responsibilities and how profits or losses will be distributed. Additionally, be sure to consult with legal and financial professionals to comply with IRS regulations. While IRAs can be a valuable tool for real estate investing, you need to follow the rules carefully to avoid penalties. One important rule I brought up previously is to avoid doing business with family members or people you're closely connected to. If you break this rule, you could lose the tax benefits of your IRA. It's also crucial that you manage your expenses properly. As mentioned above, property-related expenses must be paid directly from your IRA, and any income must go back into the IRA. Mixing personal funds with IRA funds can lead to penalties and threaten your IRA's tax-advantaged status. Moreover, as Kiplinger noted, when you own real estate through your IRA, you can't claim the same tax breaks as landlords typically do, and it could complicate minimum distributions if your IRA requires them. Real estate investing through IRAs is one option investors can consider if they have a long-term vision and understand the basics of property investing. Whether you're buying physical properties through an SDIRA or exploring more indirect real estate investment options, these retirement accounts can provide valuable tax advantages to help grow your wealth. With the right planning and expert guidance, using IRAs for real estate can help you diversify your portfolio and may help position you for a secure financial future. However, keep in mind that investing in real estate through an IRA involves complex rules and tax implications. You should always consult with a qualified tax advisor or legal professional before making any decisions to ensure you're complying with all IRS regulations and avoiding costly penalties. The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Associated Press
5 days ago
- Business
- Associated Press
Vekser Expands Global Access to High-Return Real Estate Investment, Elite Development, and Expert Property Management
Vekser launches an innovative all-in-one real estate platform, offering global opportunities for high-return investments, premium development services, and hassle-free property management. United States, June 1, 2025 -- Introduction to Vekser's Global Impact in Real Estate Vekser, a leading real estate investment and development platform, has redefined how both individual and institutional investors approach property investment. With its comprehensive, vertically integrated approach, Vekser specializes in acquiring, developing, constructing, renovating, and designing properties across five countries: the United States, Peru, Portugal, Israel, and India. Through its global strategy, Vekser offers clients access to a diverse portfolio of residential and commercial properties, ensuring significant returns with minimized risk. A Comprehensive and Hands-Off Investment Platform For many investors, entering the real estate market can seem daunting due to the complexity and time commitments involved. Vekser eliminates these barriers by offering an all-in-one platform that streamlines the investment process. Whether you are seeking high-potential residential developments or commercial investments, Vekser's model allows investors to enjoy a truly hands-off experience. From the initial acquisition to delivering tenant-ready properties, the company handles every detail. 'At Vekser, we make it possible for anyone—regardless of background, experience, or financial status—to invest with confidence,' says John Daniel, Founder and CEO of Vekser. 'With low capital requirements, investors can tap into one of the most reliable asset classes: real estate. Backed by a proven track record, deep market expertise, and a data-driven approach, we specialize in identifying undervalued properties, acquiring them quickly, and delivering value through smart development, renovation, and flexible exit strategies—whether that means renting or selling.' Elite Development and Construction Services Vekser doesn't just offer investment opportunities but also provides full-scale development and construction services for clients looking to build new properties or renovate existing ones. The company has formed partnerships with some of the best local talent in various regions, ensuring that every project is completed with precision, innovation, and a commitment to sustainable practices. 'We collaborate with the most experienced local talent—the best architects, general contractors, and interior designers—to create cutting-edge, modern structures,' explains Daniel. 'Every project is built with precision, innovation, and a strong commitment to eco-friendly, sustainable development.' Expert Property Management for Effortless Ownership A key differentiator for Vekser is its focus on property management. Investors often find that the ongoing challenges of managing properties—ranging from tenant relations to maintenance and financial reporting—can be overwhelming. Vekser's comprehensive property management services alleviate this burden by managing every aspect of ownership, allowing clients to focus on the returns without the day-to-day stress. 'At Vekser, we make property ownership effortless. From tenant relations and maintenance to financial reporting and asset optimization, our team handles every detail—so our clients can enjoy the returns without the day-to-day stress,' says Daniel. Award-Winning Excellence: Best Property Management Company in the US of 2025 At the prestigious Best of Best Award, Vekser was honored with the title of Best Property Management Company in the US of 2025. This recognition highlights the company's exceptional contributions to the real estate investment, development, and property management sectors. The award reflects Vekser's continuous commitment to excellence, innovation, and outstanding service in the property management space. Vekser's vertical integration and exceptional performance in offering seamless investment opportunities, cutting-edge development, and expert management services set it apart from its competitors. John Daniel shares, 'We are incredibly proud to receive this recognition. It validates the hard work and dedication of our team and our commitment to providing exceptional value to our clients worldwide.' Global Expansion and Scalability Vekser's global reach allows it to cater to a wide array of clients seeking to diversify their portfolios across different regions. By focusing on properties with strong potential for appreciation and cash flow, Vekser ensures that each investment aligns with its clients' long-term wealth-building goals. The ability to tap into markets across multiple countries offers scalability for investors looking to expand their portfolios globally. 'Whether you're an individual investor or a large institution, we offer scalable investment opportunities that position properties for long-term success and strong returns,' adds Daniel. Commitment to Sustainability and Innovation Vekser places a strong emphasis on sustainability in its development practices. From eco-friendly construction materials to energy-efficient design solutions, the company is committed to creating properties that not only provide high returns but also positively impact the environment. This commitment to sustainability is integral to the company's approach to both residential and commercial developments. About Vekser Vekser is an innovative all-in-one real estate investment and development platform designed to simplify and scale real estate opportunities for individual and institutional investors. The company specializes in acquiring, developing, constructing, renovating, and designing high-potential residential and commercial properties. Vekser's approach allows clients to benefit from a streamlined process that includes investment management, property development, and expert property management services. Media Contact: Vekser Vekser Branding Team 415-873-1161 [email protected] Website: Contact Info: Name: Vekser Branding Team Email: Send Email Organization: Vekser Website: Release ID: 89160890 In case of detection of errors, concerns, or irregularities in the content provided in this press release, or if there is a need for a press release takedown, we strongly encourage you to reach out promptly by contacting [email protected] (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). Our efficient team will be at your disposal for immediate assistance within 8 hours – resolving identified issues diligently or guiding you through the removal process. We take great pride in delivering reliable and precise information to our valued readers.
