Management Documents

Managing rental properties may not be rocket science but it does require organization, professionalism and the occasional sense of humor. Writing everything down on a yellow pad might work if you manage a dollhouse, but there will come a time when keeping good records and proper documentation will be necessary. Not only will operating professionally keep you out of court, but it will also make for smoother daily operations. Document everything you do and watch how smoothly your business flows. Your tenants deserve the professionalism and your real estate investments will be more profitable for it.

Use Management docs to:

• Sign legal contracts with property managers (or with landlords, if you are the property manager)
• Meet state and local requirements
• Verify tenant information
• Record and update tenant information for in-house recordkeeping
• Record property information on each of your rental properties
• Maintain records of tenant evictions
• Maintain data on household appliances
• Keep track of Special Program docs (i.e. Section 8 and similar programs)
• Record Maintenance data
• Maintain and provide rent receipts
• Log tenant and other contact
• Keep records of property key assignments

Keeping good records is half the battle of keeping tenants and yourself happy (or at least profitable). It is also the key that will keep you from behind bars.