Owning a rental property is a lot of work. You need to make sure you get the right tenants, maintain your property, and keep up with rent payments. But one thing you don’t always think about is how to organize all your collections!
If you’re a landlord, you’ve probably had to deal with the complicated process of arranging all of your rental property collections at some point. While this may seem like a simple enough task on paper, it can quickly become overwhelming if not planned for properly.
Here are seven tips to help you organize all your rental property collections.
- Create A Filing System For Your Rental Property Collections
The next tip in organizing your rental property collections is to create a filing system. This can be as simple as creating folders for each type of collection or creating labels that will help you quickly find what you are looking for. Make sure to keep all your files up-to-date and organized, so you don’t have to spend hours searching for a specific document.
Foliolens is an online tool that can help you with your filing system by efficiently creating and managing digital files. With Foliolens, you can create folders and subfolders, add labels and notes, and even password protect your files. You can also access your files from any device, so you can file your documents even when on the go!
- Start With A Plan
The first step to organizing anything is to develop a plan. Whether by the property, tenant, or payment date, come up with a way to organize your collections that makes the most sense for you and your business. No matter how many new properties you get under your belt, don’t let it deter you from the organization of previous collections!
- Make A List Of All The Properties You Own
Your list should include all your properties, including the address, tenant names, and phone numbers. You may also want to include information on when rent is due for each property, any outstanding dues or fees owed, etc. If you have a lot of tenants, it might be helpful to create an excel spreadsheet with this information instead. This will ensure that you always have quick and easy access to all the information you need.
- Keep All Of Your Records In One Place
Another way to organize your rental property collections is to keep all of your records in one place. This can be a physical or virtual location, whichever works best for you. Having all of your essential documents in one place will make it easier to find what you need when you need it.
- Label Everything With Clear, Easy-To-Read Labels
If you are filing your documents or keeping them in a virtual location, be sure to add labels that make it easy for you and anyone else who will need access to the information.
Clear labels will ensure ease of use while protecting your information from prying eyes. For example, some landlords label their tenant files with something as simple as ‘Tenant – Do Not Open’ to ensure privacy.
- Take Photos Or Scans Of Important Documents
By taking photos or scans of important documents, you can ensure that your records are always safe and secure. You won’t have to worry about lost or misplaced papers but will be able to access them at any time on your phone or computer. This is an excellent option if you are short on space or don’t want to carry around a lot of paperwork.
- Keep Receipts And Invoices Together
Another way to organize your rental property collections is by keeping receipts and invoices together. This will help you keep track of expenses and what was paid when. It can also be helpful if you need to go back and look for a specific receipt or invoice.
Keep your receipts and invoices in one location, such as a folder or envelope. To make it easier to find them when you need them, consider using clear file folders with labels that are easy to read. If you want more organization, use dividers inside the envelopes to create sections for each month of expenses!
Conclusion
Keeping track of all your rental property collections can seem like a daunting task, but it doesn’t have to be with these tips. With the right tools and organization, you’ll make managing your properties seamless!