16.7 million properties in the United States are owned by individual investors, rather than business entities. For individual landlords, managing a property can be tough and it can be hard to stay organized.
Whether managing one property or several, it's important to manage all of the information well and to keep accurate records. Disorganized landlords may have a hard time managing properties and could even face legal issues if something goes wrong.
Here's how to stay organized as a Denver area landlord.
Make a Folder for Every Property
One of the best things that you can do to stay organized as a landlord is to create a file folder for every property that you manage, whether you own 1 or 20.
Your folder should include every document that relates to a specific property and your relationship with a tenant. You should continue to add to it as time goes by.
Included documents could be property tax records, insurance records, mortgage records, copies of rental payments, and other important documents that relate to the property.
Carefully Track Finances
Especially important when managing a rental property is to be accurate with finances and taxes. You should be sure to keep tax information within the file for a specific property and should include information on any expenses that are related to it.
Keeping information on payments, expenses, and financial information will be important for paying taxes and staying organized. It can also help you ensure that you're getting a great ROI on your property investment.
Digitize Your Files
To stay organized as a landlord, one of the things that you should do is back up your files.
Take the time to scan every document that you add to a property folder. Then upload it to your computer or to a cloud storage service such as Google Drive for safekeeping.
In case something happens to your physical files, you'll have the backups that you need to stay organized and prevent any major setbacks.
Use Management Software
Staying organized as a landlord will become a lot easier if you use property management software. Fortunately, there are many software tools out there that you can get for your devices.
Property management software can allow you to easily track activity in a rental property. It can help you organize all documents, finances, and communication with tenants.
Keeping information in a centralized system such as this can be incredibly helpful. It can allow you to stay organized throughout the course of your relationship with a tenant or a property.
Understanding How to Stay Organized as a Landlord
If you want to get a better idea of how to stay organized as a landlord, be sure to start with the landlord tips listed above. By taking the time to organize information into folders, track finances accurately, and make digital copies of documents, you'll be able to stay much more organized overall.
Want to leave property management to professionals? Contact us now to learn how we can provide property management services in Denver, Colorado.
