What You Should Know About Property Transactions Management

Property transactions management involves tracking the flow of financial data in real estate properties. It requires a thorough understanding of key accounting concepts such as accounts receivable, accounts payable, asset management, and equity. This article covers the essential terms that you should know in order to handle property transactions in your brokerage.

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A solid property management chart of accounts offers a clear view of accounting for each property. Each transaction for each property gets its own code and falls under one of five categories: assets, liabilities, expenses, income or equity.

The more accurate your data, the more informed decisions you can make. That’s why it’s important to ensure all the information you’re working with is up-to-date and correct. This helps you avoid inaccurate reports and miscalculations, which can impact your bottom line.

For example, if your property-related income is lower than what’s in your bank account, it may be due to a discrepancy in the accounting period you’ve chosen for your statements. To resolve this issue, you’ll need to review your current accounting period and adjust the entries in your general ledger so it aligns with your bank account.

A good property transaction manager genuinely cares about the clients they work with. They take the time to check their inbox, listen to voicemails and answer phone calls. And they understand that the more they can save their clients time, the better for everyone involved.

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