Learning how to stay organized as a landlord is critical for keeping your tenants happy and your property in good shape. While organization sounds simple enough, a surprising number of landlords fail to manage important information. If you lose important tenant documents or don’t keep up with federal, state, and local laws, for instance, your business will suffer. In order to stay on track, here are a few basic steps you should take.
Stay Organized: 3 Tips for Landlords
1. Partner with a Property Management Company
A respected property management company can help you boost your revenue, keep up with maintenance and prevent damaging errors. They’ll also assist you with enforcing your leases, collecting rent, and tracking your income. Many landlords avoid taking this step because they think it isn’t worth the investment. However, staying organized is essential to a healthy, growing business. If you have trouble managing tasks on your own, there’s nothing wrong with reaching out for help from a skilled group of experts.
2. Hold Onto and File All Documents
As a landlord, several documents pass through your hands every day. These might include rental applications, invoices, tenant request forms, and financial documents. Whether you scan these digitally or use a standard filing system, it’s highly important to store them properly. You never know when you’ll need to refer back to a document, especially if it’s related to your tenant’s lease. Additionally, it’s crucial to make sure all agreements are made in writing if you want to stay organized. For instance, say a tenant claims you told them they could have a pet in their apartment. You don’t remember allowing this. If this was never put in writing, you’ll have to deal with the consequences.
3. Monitor Your Finances
If you don’t manage your finances correctly, how can you know if you’re making enough of a profit? One of the worst mistakes landlords can make is spending more than they make, but not realizing it. You also don’t want to trigger a tax audit due to lazy organizational practices. To stay organized, consider utilizing accounting software. There are plenty of options on the market, several of which are affordable and easy to use. Tools like these can help you create a budget, make future plans and track your income. Furthermore, you can gain financial insights that you wouldn’t have access to otherwise. Accounting software or financial experts are a major asset to any landlord. Discover what works for you and invest in your business so you can keep running it for years to come.
How All County Denver South Can Help
If you need a property management company in Denver, look no further! All County Denver South Property Management is here to help property owners have confidence in the quality of their tenants and the security of their property through knowledgeable and trustworthy property management services. From managing tenant relationships to lease enforcement, we look forward to working with you to see how your investment can be a long-term, stress-free asset. For a complimentary quote, or to learn more about staying organized, call us at (720) 664-4550.