When you have several properties, a lot of time is spent on each one to track their associated expenses. There may have been times when an expense has been added to the wrong property, making the tracking errand an immediate nightmare. Now, there is software that is dedicated to organizing numerous properties and keeping the expenses with the correct one - property management software.
You may have different types of property, such as office, warehouse, retail, etc. Each of these will have similar and unique sets of expenses. In an office location, for instance, CAM and cleaning expenses may add to your occupancy costs. In a warehouse, on the other hand, those same factors may not be as much of an issue as say, the electric expenses associated with refrigeration or keeping your products frozen.
Each type of expense for each type of property can be easily tracked using good property management software. It is important to also keep in mind, that because many of these additional expenses are variable costs, you don't want to just factor them into your rental rates and call it a day. Tracking those variable expenses and adjusting for the future could potentially pay huge dividends.
Property management software would make all of this tracking so much easier. Information can be entered in its own category and can all be appropriately adjusted by your property manager.
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