Tenant & Vendor Tracking<\/h2>\n\n\n\n
When reviewing your options, you\u2019ll want to make sure any software programs you\u2019re considering will allow you to manage and maintain data for both your tenants and your vendors. For tenants, you should be able to track contact information, rental agreements, move-in and move-out dates, security deposits, rent payments, rent receipts, and late fees. It\u2019s also helpful if your software includes the capability to communicate with your tenants, such as via email, so you can keep them up-to-date on anything from overdue payments to planned maintenance dates. <\/p>\n\n\n\n
Your vendors are also an essential part of your business. Depending on the size and needs of your property, you may be managing general contractors, landscapers, handymen, plumbers, utilities suppliers, insurance companies, building supply companies, and more. Make sure the software you choose has the capability to maintain vendor lists that include contact information, business information such as tax ID numbers, and all transactions (e.g., work orders, bills, payments, credits, and refunds). <\/p>\n\n\n\n
Accounting & Expense Tracking <\/h2>\n\n\n\n
Accounting is one of the more time-consuming tasks facing property managers\u2014especially those who manage multiple properties. According to Michael Park of RentBridge<\/a>, a consultancy service for property management companies, \u201cProperty management accounting is different from standard accounting because you not only need to keep track of your property management company\u2019s finances, you are also managing separate accounts for the properties you manage.\u201d <\/p>\n\n\n\n Look for software that allows you to link your bank accounts, which makes it easier to track rental income and expenses, monitor profit and loss, and calculate commissions or fees owed to managers or leasing agents. <\/p>\n\n\n\n Ideally, your property management software should help you automate these processes as much as possible. Some of the more robust packages integrate both rental and personal finances<\/a>, enabling property managers who are also owners to track their credit cards, bank loans, and retirement and investment accounts, as well as categorize their business income and payments and keep tabs on deductible expenses. Some even perform tax preparation, allowing users to create Schedule E and Schedule C reports or export the numbers to a dedicated tax package.<\/p>\n\n\n\n <\/p>\n <\/p>\n \n<\/p>\n \n<\/p>\n \n<\/p><\/ul>\n <\/p>\n
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