Landlords and property managers can use property management software to assist in collecting and managing dozens of details that affect your property business. The software is equally effective for single family homes and for large commercial properties with dozens of units included. The ability to track both income and expense by location is very important. You also need to know calendar based information such as maintenance schedules to keep abreast of needed repairs.

When you own property and it is part of a business investment for you, keeping track of the income that you receive is important. If you are renting the property, the rent income must be in line with local or regional rental prices for similar properties, or you are less likely to attract and keep good renters.

Vacancies in properties can cause you to lose money. Tracking vacancies can tell you a lot about potential property management problems. The rent price might be too high. If the unit becomes vacant during hot months, maybe the air conditioning unit needs work. If the heating unit is working improperly or is too costly, tenants may move out during winter months.

Tracking income by property and by renter will help you know if the renter is prompt in payments. Some landlords offer discounts over time if payments are made promptly. Management software provides constant evidence and reminders that it is time to pay the discount.

Reminder features of the software can be helpful in other areas of property management. You might be reminded that it is spring and time to clean the chimneys of the property. You could be reminded that it’s time to clean gutters after the leaf fall each year. If you repaint on a regular basis, the software can serve as a reminder that it’s time to paint.

Tracking expenses for individual properties will help you to know if you are making a satisfactory return on your property investment. Many types of expenditures go into determining profit. Net income amounts may be very different than cash flow amounts and it is important to track both. The details are particularly important at tax time.

If you want to stay informed about your bottom line, you can use property management software. Every investor or manager of real estate properties needs detailed and accurate records. Keep your records up to date and tax time will not be a traumatic season for you. You may find that your property is not as profitable as you had hoped. The records will help you take action to remedy problems.