Property transactions management is the process of managing all aspects of real estate deals from start to finish. This involves coordinating with tenants, landlords, owners, buyers and sellers in an effort to complete a transaction successfully. It also involves ensuring that all necessary services are ordered and completed by service providers such as repair professionals, inspectors, title companies and more. It requires a thorough understanding of the real estate industry, as well as excellent communication skills.
A great property transaction manager is a people person. They enjoy checking their inbox, listening to voicemails and picking up the phone (even if it’s not always pleasant). They understand that their success is based on how they connect with other people, and how they can empathize with all types of personalities.
They are the front line of communication for their team and clients. They are the ones that make sure everything is running smoothly, and they’re able to anticipate and prevent problems from coming up. An ace transaction manager isn’t just a paperwork pro, they’re a trendspotting jedi.
In QuickBooks Desktop, there are two company files that you can use to record property transactions: the rental property company file, where you track rent income, and the property management company file, which is your own company where you receive management fees for your properties. You can manage these company files separately or together. Each one has a chart of accounts that organizes entries into accounting categories like assets, liabilities, expenses, income and equity.