Landlords often struggle to keep up with their business operations. Property management is complex, and there are countless details to remember. A seasoned landlord may have strategies in place to stay organized, but someone who is new to the business might have a harder time keeping up. Transitioning to new technologies can also be challenging for experienced landlords. They become accustomed to running their business the same way, and fail to utilize tools that can simplify their job. No matter what situation you’re facing, however, poor administrative skills will impact your business over time.
You may benefit from this resource if you feel like your rental business is falling by the wayside, or you’re losing your grip on organization. First, you have to know what needs your attention. To keep track of what’s most important, you need to identify what’s most important. By staying on top of key tasks and documents, you can operate your property more efficiently and meet the growing demands of the industry.
4 Things Landlords Need to Keep Track Of
1. Lease Agreements
It’s incredibly important to keep track of your lease agreements, whether you upload them digitally or file paper documents. Rental agreements outline the terms of the lease, tenant/landlord responsibilities, payment due dates, and information about the eviction process. In the event of a tenant dispute, lease agreements are the first documents landlords refer to. Additionally, landlords should keep their rental agreements on hand even after a tenant has moved out. It is vital that your I’s are dotted and your T’s are crossed if any legal disputes or IRS audits arise later.
2. Seasonal Maintenance Checklists
Maintenance, repairs and inspections are some of the most important things landlords need to keep track of. If your property is in disrepair or looks unkempt, renters won’t want to live there. Therefore, you want to ensure it’s in good condition at all times. Regular maintenance will be easier to schedule if you write up a checklist prior to each season.
Fall is right around the corner. During this time of year, landlords usually clear the gutters, trim any overhanging tree branches, and examine their HVAC units. If your fall checklist is ready to go, you can use it before the season starts to get these essential tasks completed early.
3. Rent Payments
It’s likely that you have more than few tenants staying in your building. Keeping track of rent payments for all tenants at the same time can be tricky. Every month, you’ll need to know who paid on time, who paid late, and who failed to pay. Online software and digital tools can be helpful, but some landlords collect rent in-person. Be sure to document this properly so you know which of your tenants are in good standing. If this is something you have trouble with, consider hiring an expert property management company to collect rent for you.
4. Correspondence with Tenants
This is one area where landlords tend to slip up over time. E-mails, texts, and phone calls can be difficult to monitor when you have other pressing tasks to attend to. While this is true, they really should be a top priority. If your tenants are happy, they’ll be more likely to extend their lease or refer your property to others. When you receive a message from a tenant, either respond right away or make a note to yourself to do so later. This way, tenants will know you value their time.
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 the services we offer to landlords, call us at (720) 664-4550.