Property Management Consulting Blog

Businesses need clients to stay operational. That’s obvious, but what isn’t obvious is what to do when clients cost more resources than they bring in, or what to do if a client is so challenging to work with that you’re not confident they’re worth the money they bring in..

When you have a client that takes up more time than your other clients, demands more work than what was agreed upon for no extra pay, or isn’t living up to their responsibilities but blame you for poor performance, it’s time to consider letting them go.

You must make sure you can legally do so, or you might end up paying fees for breach of contract. If you don’t have a contract, it’s easier to fire them, but if you want their business, a contract will prevent murky situations and is highly recommended.

There’s also a chance they’ll negatively affect your reputation, costing you more business in the long run. Here are some tips to mitigate the damage, or even end your business relationship amicably.

So you're considering managing properties, either through your investments or as a service for other property owners. Property management is an exciting path full of potential. Your work will be different every day, you get a nice mix of desk work and getting out of the office, and the money can be excellent if you play your cards right.

“If you do not know where you come from, then you don't know where you are, and if you don't know where you are, then you don't know where you're going. And if you don't know where you're going, you're probably going wrong.”

In this series, we are covering the basics of property management accounting. Part 1 discussed some of the more common accounting terms you will encounter throughout this series. In this part 2, we will cover books and accounts, both for your property management company and your clients.

Part 1: The Basics

In this series, we are going to cover the basics of property management accounting. Property management accounting is different from standard accounting because you not only need to keep track of your property management company’s finances, you are also managing separate accounts for the properties you manage.