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Managing income, tenant information, and maintenance would be very difficult. If you are running a small rental business then you don’t want to waste more money on managing your rental property. There is a better option to manage your bookkeeping by yourself and save lots of money. If you don’t know how to handle all this stuff then you can try to work on software programs they are easy to use. Quicken rental property manager is the most using software. So, you can use it to manage your rental business in few minutes without any headache.
What you can plan and handle with Quicken rental property manager
You can see below there are several features of Quicken rental property manger some of them are following-
1. Manage your all rental properties at one place
All in one means you can do all your rental properties related work on the same place called dashboard. The dashboard shows all your property status, how many rooms are occupied and how much rents you have received it shows all at a glance.
In this software, you can easily track your rentals property value, tenants list, income, bank account, documents, and expenses. You can easily maintain the tenant information for example:- which day tenant move-in, move-out, rental agreements, and security deposit. You can also save lease terms, security deposit amount, and rental rates directly in Quicken.
2. Stay on top of tenants’ rent payments
It always stays on the top of tenant’s payment so it made easy to track tenant’s outstanding and paid rents in just a few clicks. The Quicken rental property manager makes easy payment by sending an email payment remainder with the payment link so the tenants can easily pay his rent. When a tenant successfully has done his payment so he gets a rent receipt for future use.
3. Make tax planning a snap
Quicken rental property manager provides the feature of track rental income by while you will get your exact income and it also shows the expenses have been done by your bank account or credit card. Quicken simplify tax time by run schedule and other tax or you can directly export all the information into TurboTax so you don’t need to write the same thing.
4. Quicken is a dual purpose accounting software
Quicken software can be used for Home & business both so you can do your personal and business accounting in one place. It is very convenient features is online, you can access your account while you are out of the country, simply login into your account. Use it from your mobile phone or tablet. It separates the categories of business and personal expenses and sends a payment reminder with the payment link to the tenant and you can also check the profit & loss after deduction of tax.
Disadvantages of Quicken Rental Property Manager
Quicken can’t add more than 100 properties
One of the biggest limitations of the Quicken rental property manager is, you can add more than 100 Property and 100 units per property. If you have more then 100 Property that the complexity of managing software also increases than you need to move for another rental software. It can only handle fewer properties.
Quicken is not suitable for Professional Property managers
Quicken rental property manager is designed for small rental business owners, not for professional property managers. If you are doing a business of property management then you have to look for another software to manage your rental activities.
Quicken has less accounting capabilities and it can only keep the record on a cash basis, not an accrual basis. You can only track that money which is exchanges in hands, not when expenses are billed or when revenue is earned. According to your needs, you can move to other options. there is some example which Quicken can’t do- Inventory, Depreciation, and Capital assets.
Some other basic features of Quicken
Stay on top of rent collection
With the help of Rent Center, you can easily monitor your upcoming, paid and overdue rent payments. If Quicken doesn’t know where to assign a transaction then it will show an unknown property or tenant message, with the help of this you can easily identify the error.
Basic Personal finance features
Quicken rental property manager provides your following features-
- By linking your bank account with Quicken you can categories your income and expenses.
- You can calculate and compare your actual spending on the budget.
- By using Quicken you can check your investment and measure your market performance.
- You can put billing remainder for personal and business expenses.
Quicken Mobile App
Quicken is also available in a mobile app so you can download the Quicken mobile app from your smartphone and tablets. It provides the flexibility to edit or change the data from your mobile phone. because your desktop data are syncs with Quicken mobile app. You can do all the Quicken rental property manager activities when you are not at their desk. The Quicken data shared between the mobile and desktop vise Versa.
We hope this article would help you to know what is Quicken rental property manager & its advantages or disadvantages. This software makes your rental work easier to manage and save lots of time by implementing automatic calculations.