Keeping rental property compliances up-to-date can be a tiresome task. An unkempt rental is the quickest way to lose a tenant and never receive rent again. Unfortunately, it is easy to let things slip through the cracks when so many other important duties need attention around the home or business. However, by making a few organizational changes, landlords can have their rental compliances up-to-date in no time. This article will take a closer look at five organizational tips for keeping rental compliances up-to-date.
1. Make a Checklist
The simplest way to have rental compliances up-to-date is by making a checklist of all the things that are due at any given time. Start out with just listing each specific property that one or more tenants are living in. If possible, try to list everything that needs to be done on the day it’s due (e.g., quarterly payments, monthly inspections). If the things that need to be done once a year are too much to list, just create a separate checklist for those tasks. It will still help keep track of which needs to be done and when.
2. Set It and Forget It
Another strategy is actually to set reminders on one’s phone or calendar. This way, the list will always be at hand when something is coming up that needs to be done. There are plenty of good apps for this, like Google Calendar and Apple’s Reminders app. These apps can send alerts about upcoming rental compliances. It’s also important to set reminders to make sure your short-term rental compliance is up to date with your city.
3. Use a Filing System
Even if the tenants are responsible for most rental compliances, it’s still important to keep track of all of them at least until the end of the year, when tenants may need proof that they’ve been keeping up with their responsibilities. Keep track by using a filing system, either on paper or in an electronic file. One could even use a combination of the two, so there is an easy system to find what is needed if something goes wrong. For example, one might keep all papers in a filing cabinet but use Google Drive for digital files that are easily shared with tenants or other members of the family.
4. Utilize the Cloud
There is an ever-growing number of apps and software that allow users to access them from virtually anywhere. If there is a need to share documents with tenants, it may be worth using a service like Dropbox or Google Drive so everyone who needs access can get it. This also allows everyone involved to see any changes that might be necessary.
5. Use Reminders From Tenants
In many cases, the tenants are responsible for their rental compliances, not the landlord. In these cases, one should remind tenants of what is required and set a deadline that falls after they’ve moved out if need be. This way, the tenant will have an incentive to keep up with the rental compliances to get their security deposit back.