“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.’  

1. 1. • 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 

Property Care: Each of your properties will require regular maintenance, inside and out. Set up a system/timeline for: 

• • • Checking roofs, windows, siding, walkways, etc. 
    • Checking appliances, heating, air conditioning (including filter changes), lights, floor coverings, and other indoor times.  

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.  

• • • 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. 

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.