Quicken Rental Property Manager software possesses all the tools a landlord needs to manage the business as well as personal finances adequately. With this feature, you will be able to save a lot of time and effort used in the calculation. In this article, we will envision the benefits and usage of Quicken Rental Property Manager.
Things to do before getting started:
- Add an account in Quicken to get started.
- Add and link the property to the Quicken house account.
- Designate the tenant to property or unit.
- Finally, import your data to Quicken.
Advantages of Quicken Rental Property Manager
1. Calculate Total Worth
Keeping a track of each unit is the key factor to manage different properties in the rental business. Quicken Rental Property Manager helps you to store data whether it’s a single or multi-unit residence. The value of your rental properties adds to your total worth therefore, Rental Property Manager helps you keep a track of your assets.
2. Record Tenant Information
Quicken Rental Property Manager also offers this great feature to store crucial data related to tenants. The tool helps you manage the following information:
- Personal information of tenants.
- Occupants residing in the unit apart from the tenant.
- Reminders for rent collection.
- Lease start and end dates.
- Move-in and move-out dates.
- Security deposit details.
- Payments and refunds.
3. Maintain Rental Expenses
Quicken Rental Property Manager makes it easier for you to track the money you spend and allocate it to each residence. It sorts expenses to make the comparison easy against rent revenues. Income and expenses graphs help you to understand the comparison in a better way.
4. Personal Finances
With the help of Quicken Property Manager permits you can access Quicken’s personal finance modules like banking, investment and credit card account management. In this way, you get access to all your accounts and rental business information. The latest version includes free access to credit scores and mobile apps.
Things such as replacing a roof or upgrading office equipment are depreciated over several years. Quicken Property Manager tracks and sorts expenses like replacing parts of a leaky faucet or replacing a roof. This tool exports the data for use with tax preparation software.
How to Add a Rental Property?
First of all, you have to notify Quicken about your rental property. Two options will be given whether you want to add the rental property as a single unit or multi-unit in Quicken. Then you have to name the property and its units, further link the rental property with a house account. Follow the steps listed below to add a rental property:
- Click on the Rental Property tab.
- Now click on Properties & Tenants option and select Add Property.
- Enter the name, tag, and address for your property.
Is it necessary to keep a property name?
It is important to tag a property name so that you can claim your property in the future without any confusion and interruption. Whenever you enter transactions, Quicken uses the property name in Rent Center snapshots, the Tax Planner, the Tax Schedule Report, and the Schedule E report.
Steps to add units in a multi-unit property
- The first step is to enter a unit name or unit number for every unit.
- You can click on Add to add more units.
- A multi-unit property should have a minimum of one unit.
- Now diagnose if you want to track the property value.
How to track the value of a rental property?
Quicken makes a virtual house whenever you make a copy of the property. Further, it will start with an opening balance which will be equal to the nearest value of the property.
- Firstly, go to Track Value of Rental Property and choose the correct option.
- Click on “Yes, I want to track the value of this rental property in order to create a new house account to link with the property”.
- Enter the approximate value of a property.
- Now click on “Yes, I am tracking the value of this rental property”.
- Click on No, I will do this later to decide later” if you don’t want to track the property value using a house account.
- Lastly, click on Ok.
This article will help you know the features of Quicken Rental Property Manager, it’s important and how to use it. This tool will ease up your work and save a lot of time. For more information, talk to our experts at Quicken Phone Support (Toll-Free).