Are You Losing Profits Because You’re Not Organized?
Being a landlord can be a very difficult business. There is a lot to keep track of both in terms of paperwork, maintenance
work, and just plain people skills. The trick is to manage the property and the tenants simultaneously and effectively.
That can be hard to pull off if you’re not organized. A Landlord’s problems can be very unique and can wreak havoc on your financial and personal life if your business is not handled properly.
The good news is that a lot of the problems can be eliminated, or at least minimized, if you get into the habit of practicing good organizational skills. This is key to cutting down on financial losses and a crucial component to saving yourself time, worry, and money.
Learn How to Increase Profits by Organizing Your Landlord Business
One of the most important things to do is to make a commitment to run your landlord business like a “real business”. Some small but very vital organizational steps can help you become and stay financially stable.
For those of you who are new in this business, one of the first steps to organizing your landlord business is to know what your responsibilities are as a landlord. Once you know that, you will
know what you need to be doing and exactly what needs to be organized.
It’s really important that all landlords familiarize themselves with local and state housing codes. There is no substitution for knowing your rights and responsibilities. Not to mention that code violations and lawsuits can be very costly.
Getting It All Organized
Start getting your landlord business organized by making a list of routine time sensitive tasks that must be done. Include both maintenance and paperwork tasks-for example- preventive maintenance schedules and lease renewal dates.
Don’t Depend on Your Memory
Take some pressure off yourself. Don’t depend on your memory for everything. Nowadays, with all the technology that’s on the market, there’s no need to risk losing money because you forgot to do something in a timely manner.
Take advantage of record keeping programs that may already be on your computer, such as Microsoft Outlook, where you can make lists, schedule tasks and set reminders that will pop-up when you open the program.
You will always have to deal with paperwork (offline) in this business. If organization is not your strong point, then you should look into purchasing a property management software system. It’s a relatively inexpensive alternative when you consider the amount of time and money that can be saved by organizing your landlord business. There are lots on the market to choose from. Just be sure to research and compare products so you will purchase one that best suits your needs and is user friendly for you.
And last but not least, you could consider hiring someone part-time that has great organizational skills to manage this aspect of the business for you.
If you get into the habit of organizing and managing your landlord business, you will be able to operate more efficiently and cut down on financial losses due to late or missed rent payments, late lease renewals, tenant damages and deferred maintenance. This will make for a much more rewarding landlord experience