Ah, record keeping–no doubt the most exhilarating part of any property manager’s job! Cue you, pleading: “Please say sike right now.” Of course, we know recording keeping is one of the worst parts of a business owner’s job, especially in the rental business where documentation is seemingly never-ending. As overwhelming as it can be, record-keeping can truly make or break your business, so it’s crucial you do it right.
The Importance of Keeping Good Records
First and foremost, keeping good records is essential for the organization and efficiency of your operations. Think about all of the documents you handle daily in property management: files regarding lease applicants, resident information, maintenance records, vendor information, property-related paperwork, financial records, and business documentation. That’s a lot to keep track of, and failing to organize these files effectively will end up costing you time and money.
Successful record-keeping also acts as a form of risk management. Legal disputes in property management are all-too-common, and having your files in a row prepares you for whatever cases may arise. After all, there’s no such thing as being too prepared for such scenarios. As always, laws vary by state, so be sure to make a note of the requirements in your area as to which documents you’re required to keep as a property manager, and for how long.
What it all comes back to is the fact that effective record-keeping is crucial to accurate reporting, managing your finances successfully, and making business decisions. But with so many files to track, how can you optimize your success in doing so?
How to Keep Records Successfully (& Painlessly)
Digitize. Digitize. Digitize.
The secret to success in effective record-keeping is going digital. That’s right, move all of your records online. But not just to your computer desktop (I mean, who has that kind of storage?). Instead, invest in software designed specifically to track, manage, and store all of your business files.
With property management software like ManageGo, you can store all of your essential documents securely in one easy-to-access place. Organize each file seamlessly, depending on what the document relates to. Whether it’s a resident’s file, a maintenance document, or anything in-between, our software has an intuitive place for each record to live for optimal organization and efficiency.
Scan and upload all of your existing documents to the cloud, and employ our Custom Forms tool for every new document you may need. Use this tool for both internal records and external documents meant for your residents. View and edit our completely customizable templates, and collect all the information you require. With software doing the work for you, not only will you have enhanced organization, but you’ll also have a visual timeline of all your records for the most accurate up-to-date information. Sounds pretty painless, huh?
No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management.
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