| If you are new to handling your own property | | | | issue warnings or address other tenant concerns. |
| management duties then for the first few months | | | | These types of records are valuable if you ever |
| it's going to be a learning experience for you. | | | | have to take some type of court action. |
| There is are numerous things that you are going | | | | Invoices: |
| to have to adjust to, but one of the key factors | | | | If you own property you can be sure you are |
| to being successful at property management is | | | | going to have lots of miscellaneous expenses. In |
| being organized. It is very important that you do | | | | order to really track your financial information you |
| this right from the start of your responsibilities. If | | | | need to keep your invoices categorized. For |
| you keep in mind that property investment and | | | | example, lets talk about repairs. There could be |
| property management is a business, then it will be | | | | plumbing and heating or electrical repairs. |
| much easier for you to create the proper | | | | Keep separate files for these invoices. Sure you |
| environment. After all you wouldn't run a | | | | could just stuff them all in one file, but if you |
| disorganized business and expect it to be | | | | really want to get the best out of your property |
| prosperous, so develop this same mindset for | | | | investment then you need to know what is |
| your property management duties. | | | | costing you money. |
| One of the biggest hurdles to get in place is your | | | | For example, lets says you have a separate file |
| paper work. Don't be fooled into thinking that | | | | for plumbing repairs. You begin to notice this file is |
| there will not be a mound of it because there will | | | | getting quite full. Then it's telling you that you may |
| be. Here are some types of paper categories that | | | | have a real plumbing problem, and perhaps you |
| you are going to be faced with, and some hints | | | | may be able to make some more major types |
| on how to keep them organized. | | | | repairs that will cut your expenses down in the |
| Hopefully you will have a computer that will be | | | | end. |
| able to help you with the financial aspects of your | | | | Receipts: |
| property management, but even so that is not | | | | Naturally this is going to be a very important file. |
| going to eliminate the hard copies of paper that | | | | This is the file that is going to show that you |
| you will be handling: | | | | have received your monthly rental payments. |
| Tenant interviews, screening and leases: | | | | There should be a record of the payments on the |
| It doesn't matter whether you are dealing with | | | | tenants files, but you also need a master rental |
| one tenant or fifty, you must be able to relate to | | | | receipt file where you can track who and who |
| each tenants dealings individually. Therefore you | | | | has not paid. |
| need to have a tenant file. This way whenever | | | | As we mentioned, your computer is going to aid |
| you need information about a tenant you only | | | | you in many ways of your record keeping. It is |
| have to go to one source which is that file. In this | | | | always a good idea to have a hard copy of the |
| file it is important you keep all the pertinent | | | | information that is on your computer concerning |
| information. The application form, the pre-rental | | | | your property management. This way in the |
| screening notes, receipts and leases. It's also a | | | | event of computer failure you are not stranded |
| good idea to keep a comment sheet that you | | | | as to the daily operation of what's taking place |
| can make a few notes on if you have had to | | | | with your property. |