It’s no secret that the BC real estate market has been difficult to navigate, and if you’re a business owner in the province, you’re likely feeling the pinch.
Whether you’re opening your first brick-and-mortar storefront or want to set up your investment properties for success, there are complex challenges related to navigating real estate in BC — one of the biggest being the sheer value of property.
“Real estate is incredibly valuable, and so every transaction that [business owners] enter into or entertain has a big impact,” Lyndon Braun, tax partner at BC’s leading CPA firm Manning Elliott, tells Daily Hive.
Taking on big financial risks can seem intimidating, especially in real estate. From securing your capital to dealing with complex contracts in a slow-moving industry, it can be a lot to juggle on top of all the other responsibilities you have in the real estate business.
That’s where Manning Elliott can help. Offering personalized accounting and business advice to meet your needs, the CPA firm has recently launched its Real Estate Special Practice Group, providing tailored advice to help owners navigate tax complexity regarding real estate.
We spoke with Braun about the industry’s challenges, how to set yourself up with knowledge and guidance, and Manning Elliott’s unique approach to client success.
Real estate business challenges
BC’s real estate industry is dynamic, politically charged, and constantly in flux, says Braun, and there are a host of issues you can face as a business owner.
“On any given day our clients are dealing with (re-)financing, civic approvals, tenant issues, increasing regulation, and a variety of other challenges.”
With the inherent risk of all these factors, jumping into things yourself can cause potential legal, financial, and regulatory issues if you don’t know what you’re doing.
Adding to this, Braun stresses that the real estate industry is a slow-moving environment, which often means that owners should develop strategic business methods.
“As a result, [business owners] need to be making fully informed decisions to try and juggle all the various concerns, risks and complications that come from dealing in real estate in BC.”
Getting the right professionals in your corner
Owners may seek guidance on structuring their business, for example, tax planning how to own and operate assets, while considering the related real estate business risks. In BC, it’s more important than ever to have someone on your team who knows the ins and outs of the industry.
With the recent launch of the Real Estate Special Practice Group, Manning Elliott has funnelled the expert knowledge of their team into a specialized, comprehensive powerhouse that can tackle any real estate business issue.
Not only will they guide owners through the process of buying or selling properties, but they go above and beyond to help find the right structure for your needs, navigate through all the regulations at the federal and provincial level, and work with you strategically to estate plan for a smooth transition of property and assets to minimize tax liabilities.
“Our Real Estate Special Practice Group offers clients in the real estate industry a general industry knowledge and background that is difficult to match,” says Braun. “The members of this Group have extensive experience in working with real estate clients and the issues that arise, [specific] to the real estate industry in BC.”
More than just a “bean counter” for your business
Hitting areas like financial statements, tax reporting, tax planning, restructuring, and business advisory, Manning Elliott acts as a champion for your business by taking an active interest in it.
“We just come at all of these service areas with a focus of knowledge that is specific to the real estate industry,” says Braun. “Along with [the] long-term relationships we have developed [with our clients], [we’ve] built an internal skill set that is tailor-made for those clients in the real estate industry … Our experience in [real estate] informs us to be proper champions for our clients.”
Offering 14 specialized accounting services, the Manning Elliott team brings a level of experience, quality, and care to clients, working as a valuable partner and advisor for long-term business success.
“We don’t want to just be ‘bean counters’ for our clients,” says Braun. “We want to build long-term relationships and offer a skill set that is varied in order to help clients navigate the challenges they are facing.”
For more information on how to turn your BC real estate issues into real estate solutions, visit Manning Elliott today to book an appointment for future success.