Property Management Record-Keeping: Business Documents
As we’ve said before, being a landlord is a business. To stay on top of your business, you need to maintain all files that support the structure of your operations. You are building your financial future – consider your paperwork the bedrock!
In Texas, you are not required to have a rental license in order to rent your property to others, but that doesn’t mean you aren’t engaging in a highly regulated and litigious business. Like trouble, property management mistakes can be easy to get into and hard to get out of. No one has ever been hurt by crossing too many Ts and dotting too many Is – especially when you are your own oversight!
Files that you want to have on hand (or accessible and easy to find) include:
- Licenses as required by your state, eg, Real Estate Broker’s license
- Employee & Vendor Records (Including verification of liability insurance for Vendors)
- Audit Records
- Property Insurance Documents
- Templates of Contracts that you use for your tenants
Accessibility is important in the event that someone needs to find documentation on your behalf. Your lawyer, business partner, or employee should not have to disassemble your property in order to find these documents!
Most of these can (and should!) be cached digitally – but keep in mind that these documents may have sensitive information embedded in them. Properly redacted documents will keep your (and your tenants and vendors’) information confidential and safe in the event of unauthorized access to the files, or if the physical files are lost.
You may find that you would rather trust a company that employs licensed professionals to do all of this work for you! Our Property Managers are experienced not only in working with tenants, but also in teaming up with the Tenant Coordination and Accounting Departments to keep your business organized, legally compliant, and secure!
Contact us today to learn how we can help you manage your property!