Rental Property Organization and Success

The typical 1st time rental property owner has a “real” job that supports the financial needs of the rental start-up. The managing partners of Rental Advisors began in that fashion – our partners worked in different industries and therefore could not devote full time or even normal business hours to rental properties. Being organized allowed our transactions to continue, regardless of our location. By setting up a standard filing system for our holdings company on a web-based storage platform, any one of our partners is able to access company or property documents at any time. This has benefited us tremendously, whether when a document was needed during the hectic closing process or making a work “to do” list available so all partners could commit to completing and schedule accordingly.

Consider organizing the following, cataloged and organized at a central location:

1. Property documents (closing documents, loan papers)
2. Prospective tenant applications
3. Prospective tenant application assessments
4. Property work lists
5. Contractor contacts
6. Prospective tenant list
7. Tools and materials

Even when property management becomes a full-time venture (if that’s your goal), and all partners are committed full-time, organization is still key to success. Growing a rental business means more properties to maintain and tenants to seek out or provide service to, keeping organized will allow you to focus on maintenance of both your assets and your valuable tenants.