Being a landlord can sometimes feel like drowning... in paperwork. From lease agreements to renewals to rental applications, you can easily get lost in documents.
Cincinnati, Ohio landlords don't have to keep drowning. There are tools and best practices you can follow to simplify lease documentation management.
Keep reading to learn how these tools and property managers can help with lease negotiation and renegotiation.
Get Everything in Writing
Effective lease documentation management is nothing without a written agreement. Rental leases are legally enforceable when they are signed by both parties.
Make sure your lease agreements include rent amounts, security deposits, maintenance requests, eviction process, and other important details. Without these provisions, you'll struggle to make rental income.
Anything you or your tenants sign should be secured. If you ever need to go to court because of a tenant dispute, having documents already available can help you with your defense.
Digitize the Process
Lease negotiation and renegotiation require a lot of back and forth. You can simplify the process by digitizing it.
The traditional paper-based filing system is not a viable option for landlords who need to keep track of lease agreements and lease renewals. Digitize as many documents as possible.
Something as easy as a document scanner can digitize your process and benefit you. Implementing a tenant portal is another great way to keep track of lease documentation online.
Consider hiring a property manager who can take on any tedious tasks for you.
Use the Same Filing Strategy
If you have more than one rental property, documentation management can get especially confusing. Make sure all property managers follow the same strategy for each property.
The plans for naming files, storing files, and file erasure should be cohesive. By keeping every property on the same page, you prevent confusion and benefit from good record-keeping practices.
As an owner, learning how to use different filing systems defeats the purpose of streamlining these tasks.
Review Documents Every Year
A rental property can go through a lot of changes in one year.
A great property management company will review all documents annually, especially when tax season rolls around. Your leases and accounting records can act as evidence of any tax deductions you file.
Like a good spring cleaning, an annual record review will reorganize your files.
If you have old documents taking up space, this is a great time to dispose of them properly. Shred physical documents and securely delete digital records that include sensitive information.
Lease Negotiation and Renegotiation Simplification
When all of your documents are in order, lease negotiation and renegotiation is a much simpler process. Using these document management best practices, you'll have a comprehensive organization strategy.
As a Cincinnati, Ohio landlord, it can be difficult to complete these tasks alone. At PMI Gatekeeper Realty Services, we offer property management services using state-of-the-art technology.
In addition to lease management, we can screen tenants, market your rentals, and more! Ready to benefit from 20 years of experience? Contact us today to get started.
