By in large, Phoenix landlords have busy lives and often times struggle to maintain organization with all of the different aspects of their worlds. However being organized can be a key to being a successful Phoenix landlord so here are RPMWV Phoenix’s 5 best tips for Landlord Organization!
1. Create a file for each property you own and be sure to label it clearly with the property address. Within each folder,store all documents related to the property such as HUD statements, mortgage records, property tax records, insurance documentation, copies of rent payments, expense records, and anything else that pertains to it.
2. Be Meticulous with tax records. Within each property file, have a folder dedicated to tax documents and include every expense receipt, mileage log, cancelled check, and any other instance in which money is involved. Along with the receipt, keep a log of all activities.
3. Make digital copies Spend some money on a fast and efficient scanner and place it on your desk. Sync it up to your computer and create digital folders for each property (just as you have in your filing cabinet). Each time you get ready to file away a new document, scan it and save it in the accompanying digital folder. For added security, store these folders in the cloud so they’re accessible.
4. Carry folders in your car. Once you have a folder system setup in your office, it’s pretty easy to stay organized. You just open the folder and drop the document in. The problem is that you aren’t always at your desk. As a landlord, you spend a lot of time in your car driving around from property to property. In the time between getting a document and getting back to the office to file it away, a lot can happen. This is why experienced landlords carry some sort of mobile filing system in their vehicles. With a mobile filing system, you can give any and all documents temporary storage.
5. Clear your desk at the end of the day. As a rule of thumb, you should clear your desk at the end of every day. Clutter seems to build on itself and you run the risk of creating piles of documents if you don’t get things filed away each day. If you make it a daily habit, it’ll only take a few minutes.
6. Make good notes. Nothing is worse than going through a folder, knowing that you have the document you’re looking for, but being unable to locate it. Most of the time, this happens when you forget what a document looks like or what specific file the information is in. One way to avoid these issues is to place sticky notes on thick documents to recap what information is contained within.
RPMWV Phx has been offering full service Phoenix Real Estate & Phoenix Property Management services for over 20 years so let our experience assist you with your Phoenix rental needs.