10 Essential Bookkeeping & Financial Tips for Property Managers & Realtors

Here are 10 essential bookkeeping tips every real estate professional should follow.

1. Keep Security Deposits in a Separate Trust Account

Security deposits don't belong to you - they belong to the tenant. Mixing them with operating funds creates compliance and cashflow issues. Open a dedicated trust account and track each deposit by tenant so you always know who is owed what.

2. Reconcile Every Bank & Credit Card Account Monthly

Real estate transactions move fast. Reconciling monthly prevents errors, keeps reports clean, and ensures your financials are accurate before tax season.

3. Don't Mix Personal and Business Expenses

Use a dedicated business bank account and business credit card. If you accidentally use a personal card, record it properly so your books stay organized and audit ready.

4. Make Sure Owner Statements Tie to the Books

Property owners expect transparency. If your owner statement doesn't match actual bookkeeping records, trust erodes. Accurate reporting keeps owners happy and reduces disputes.

5. Track Rental Income by Property

Each property has its own financial profile. Use classes, locations, or property tags in QuickBooks so you can see exactly which units are profitable and which ones need attention.

6. Categorize Expenses Correctly

Property Managers: Repairs, maintenance, utilities, vendor payments 

Realtors: Marketing, MLS fees, staging, brokerage fees 

Accurate categories make tax filing easier and improve financial insights.

7. Track Mileage & Vehicle Expenses

Driving to showings, inspections, open houses, and vendor visits adds up. Use a mileage app or QuickBooks Mileage Tracker to ensure you're maximizing deductions.

8. Stay On Top of Deadlines & Renewals

Business licenses, insurance renewals, E&O coverage, and broker compliance can be costly if forgotten. Set reminders or use software tools to keep everything current.

9. Embrace Automation

Automate bank feeds, recurring invoices, owner charges, rent roll billing, and vendor payments. Automation saves time, reduces errors, and leads to cleaner records.

10. Work With a Professional Bookkeeper Who Understands Your Industry

Real estate accounting involves commission structures, escrow accounts, rental income classifications, owner statements, and 1099s. Working with someone who understands your business is an investment in accuracy and growth.

Final Thoughts

With the right systems in place, bookkeeping becomes simple and empowers better decision making. If you want help setting up clean, automated financial workflows, I'm here to help.

Maimon Financial Services - Helping you run a cleaner, smarter, more profitable business.