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How to Stay Organized as a Landlord

Being a landlord, whether you are overseeing just one unit or an entire building, is a great responsibility. There is a lot of paperwork involved in keeping tax records, tenant applications, and maintenance. It can be a challenge for landlords across the country from Calgary to Montreal to keep all of your records organized when you become a landlord. Organization is key to operating a successful residential rental property. With so much information involved in property management, it is vital to keeping your files in order. In order to take care of your business efficiently, you need to set up proper files and keep all of your on- hand records organized. If you are a first-time landlord and you are feeling overwhelmed, you can find help with a  property management Calgary team.  If you are going it alone and are looking for some tips to help you get and stay organized, take a look at our helpful list below. Create Files For Each Unit No matter how many units are under your charge you will need to keep separate files for each. Creating individual files for each unit can help you to find important information quickly when you need it. As your units turn over with new tenants, it is vital that each file is updated right away. The convenience of being able to check a reference quickly will help you to manage your time more efficiently. Go Digital It’s a good idea to back up all of your paper residence files with an online copy. You can purchase property management software that can help you stay organized or create a simple spreadsheet online. If your paper files are ever destroyed you will have instant access to the most important information for each unit. Make Notes A lot can happen in one day and you might not always have access to your files until you get back to your office. An organized landlord will know how to take accurate notes throughout the day to help them remember all the details that need to be added to the files. Using paper sticky notes, a simple notebook or using an online note-taking application can help you to avoid forgetting important details. Get Your Tax Files In Order There is no specific system that is required for keeping your tax records organized, however, keeping clear and detailed tax records is a big part of being a landlord. Every receipt or tax- related form should be copied and stored in dedicated folders. One copy should be kept with each individual residence file along with a second copy for a specific taxation file. Conclusion Being a landlord is a job that carries a busy schedule and a lot of responsibility. By keeping your files detailed and organized it can help you to be more efficient. Your job is to consider the comfort and happiness of your residents and keeping yourself organized can help you be an effective landlord. Follow some of our tips listed above to help you get yourself organized and acting in the best interest of your residents.
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How to Stay Organized as a Landlord Being a landlord, whether you are overseeing just one unit or an entire building, is a great responsibility. There is a lot of paperwork involved in keeping tax records, tenant applications, and maintenance. It can be a challenge for landlords across the country from Calgary to Montreal to keep all of your records organized when you become a landlord. Organization is key to operating a successful residential rental property. With so much information involved in property management, it is vital to keeping your files in order. In order to take care of your business efficiently, you need to set up proper files and keep all of your on-hand records organized. If you are a first-time landlord and you are feeling overwhelmed, you can find help with a  property management Calgary  team.  If you are going it alone and are looking for some tips to help you get and stay organized, take a look at our helpful list below. Create Files For Each Unit No matter how many units are under your charge you will need to keep separate files for each. Creating individual files for each unit can help you to find important information quickly when you need it. As your units turn over with new tenants, it is vital that each file is updated right away. The convenience of being able to check a reference quickly will help you to manage your time more efficiently. Go Digital It’s a good idea to back up all of your paper residence files with an online copy. You can purchase property management software that can help you stay organized or create a simple spreadsheet online. If your paper files are ever destroyed you will have instant access to the most important information for each unit. Make Notes A lot can happen in one day and you might not always have access to your files until you get back to your office. An organized landlord will know how to take accurate notes throughout the day to help them remember all the details that need to be added to the files. Using paper sticky notes, a simple notebook or using an online note-taking application can help you to avoid forgetting important details. Get Your Tax Files In Order There is no specific system that is required for keeping your tax records organized, however, keeping clear and detailed tax records is a big part of being a landlord. Every receipt or tax-related form should be copied and stored in dedicated folders. One copy should be kept with each individual residence file along with a second copy for a specific taxation file. Conclusion Being a landlord is a job that carries a busy schedule and a lot of responsibility. By keeping your files detailed and organized it can help you to be more efficient. Your job is to consider the comfort and happiness of your residents and keeping yourself organized can help you be an effective landlord. Follow some of our tips listed above to help you get yourself organized and acting in the best interest of your residents.
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