“A good system shortens the road to the goal.” – Orison Swett Marden
Whether you’re creating a sound strategy for investing in property or just trying to maintain the property you already own, organization is key to reaching your best potential.
Money: Draw up your personal ‘policies and procedures.’
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- Establish an accurate picture of your income. (Hint: Don’t base rental income on full occupancy 100% of the time.)
- Create a budget, setting aside specific percentages for expenses, repairs, taxes, re-investment, etc.
- Create a filing system for accounts receivable, accounts payable, receipts, tax documents, mileage records, etc. Keep physical hard copies, as well as recording everything digitally. It may seem like a double kill, but it only takes one crashed system or damaged physical files to know that keeping both was worth your efforts.
- Invest in quality software for property investment.
- Set up a program for renters to pay online via credit card, PayPal, Venmo, or another finance app. The easier it is to pay, the easier it is to receive rents on time
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Property Care: Each of your properties will require regular maintenance, inside and out. Set up a system/timeline for:
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- Checking roofs, windows, siding, walkways, etc.
- Checking appliances, heating, air conditioning (including filter changes), lights, floor coverings, and other indoor times.
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Set a specific schedule and communicate with your tenants. While they don’t necessarily have to be on the property when you check outdoor items, notify them in advance when you or a professional will be stopping by.
Communication: Notifying tenants of rent payments and upcoming visits are just two reasons for communicating with your tenants. Create a standard for expected communications and protocol – both ways.
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- Consider having a specific phone number for sending and receiving texts.
- Keep templates and forms on file for written notifications.
- Maintain a physical, signed copy of leases. Scan them for a digital file.
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Miscommunications are far less likely when you have a specific, organized system and notify tenants of your system/expectations from the beginning.
About Rentals America
Rentals America provides full-service property management for residential rental properties. Our team is completely dedicated to property management and we’re here to help landlords navigate the rental market.