There is a price attached to every reward. In this industry the rewards certainly outweigh the cost in monetary measurements. However what most don't realize is the time consuming aspect of the financial management of each individual property. Here are a few tips to help you not go crazy amidst a pile of receipts, invoices, and the tend to list.
1. Categorizing each, and every expense helps keep things a bit orderly. Some sort of organizational software for expense tracking should be used.
2. Check your numbers daily, and check them again. It sounds daunting, and trust me it can be, but it just has to be done to avoid a mess.
3. Always prioritize your expenses. What needs to be tend to first, meaning what directly impacts the guest experience, and optimal functionality of a home.
Sticking to these tips will tremendously help if you manage 3 properties or less.