Owning rental properties means you’re constantly drafting, signing, storing, and managing documents that pertain to tenants and rentals. Lease agreements, rental applications, and inspection checklists are just the beginning. Property managers need several important documents to keep a rental business afloat. Today, we’re reviewing essential documents that property managers need and how to store them safely and securely.
Contents of This Article:
- What Types of Documents Do Property Managers Need?
- How to Manage Important Rental Documents
- Benefits of Storing Important Documents Online
- Rental Management and Storage Software
- Hire Professional Management for Your Rental Business
What Types of Documents Do Property Managers Need?
Northern Virginia property managers handle several steps in the rental process–each needing their own form of documentation. Whether it’s a rental application, lease agreement, maintenance request, or move-out checklist, there’s a lot to keep track of. Here are some of the types of documents property managers need.
- Leasing and Tenant Documents
- Financial and Accounting Documents
- Property Maintenance and Repair Tracking
- Legal and Compliance Documents
- Operational Documents
Leasing and Tenant Documents
Property managers handle several documents pertaining to tenants and their rentals. For instance, they must keep track of rental applications, lease agreements, move-in/move-out checklists, security deposit records, tenant notices, and more. Lease agreements are a huge part of the rental process, outlining the terms of tenancy, rent amount, property rules, and landlord-tenant responsibilities.
Financial and Accounting Documents
You can’t properly manage rental properties without keeping track of financial and accounting documents. Rent payment logs, expense reports, and tax documents are all essential documents property managers need. After all, these are all essential pieces required for tracking income, expenses, and tax compliance.
Property Maintenance and Repair Tracking
Maintenance and repairs are another huge part of the rental process that requires documentation. For instance, property managers must log tenant repair requests, contracts with vendors, receipts, details of repairs, and inspection reports. Keeping all of this information organized helps ensure accurate records and timely service.
Legal and Compliance Documents
There are several legal and compliance documents attached to rental properties and lease agreements. For instance, property managers handle insurance policies, Fair Housing documentation, building code compliance, and sometimes HOA rules and bylaws. These essential documents ensure properties and contracts comply with local, state, and federal laws.
Operational Documents
Finally, several day-to-day operational records are crucial for smooth property management. For instance, tenant communication records, emergency contact lists, and key and access logs are all essential working pieces in the rental process.
How to Manage Important Rental Documents
Most, if not all, rental documents must be stored safely and securely. After all, leaking sensitive data is a major property management mistake. Here are some tips for keeping all rental documents safe.
- Use Property Management Software- Property management software is one of the easiest and most secure ways to store legal documents. Luckily, there are several programs available to help store and manage essential property information.
- Limit Access to Sensitive Documents- Unless someone absolutely needs certain property information, limit access to only necessary parties.
- Create Strong Passwords- Keeping sensitive data safe is key; one way you can do this is by using strong, unique passwords. For instance, create a password with capital, lower-case letters, numbers, and symbols for work purposes. Just don’t forget it!
Benefits of Storing Important Documents Online
Does your management company have overflowing file cabinets that are hard to dig through? It can be frustrating to search for documents when they’re stored this way, and they can also easily be lost or misplaced. This is why many management companies use online platforms to create and store important rental documents, so they don’t get lost or destroyed. Here are some of the benefits of using property management software to store essential documents.
- More Secure
- Less Physical Storage Space
- File Backup and Recovery
More Secure
When you think of storing rental documents, you may think of things like safes, locks, or filing cabinets. However, the process can be simplified by using online storage or property management software.
Reliable platforms provide peace of mind by ensuring your documents are stored securely. Additionally, many organizations can limit access to sensitive information, allowing only authorized individuals to view certain files.
Less Physical Storage Space
Keeping physical documents can be useful. However, it also takes up a lot of space and can be harder to organize. After all, you have to establish a filing system, store documents correctly, and sift through hundreds of files to find what you’re looking for.
On the other hand, online property management software allows you to access information in seconds. It also lets you create digital files, simplifying storing and managing your documents.
File Backup and Recovery
Losing files can be detrimental to your rental business, and replacing lost documents can be difficult or sometimes impossible. That’s why rental management software is invaluable, offering a secure, cloud-based platform for document storage.
Another advantage of digital storage is maintaining a long-term document history. This allows you to easily review the history of a specific tenant or property whenever needed.
Rental Management and Storage Software
If you want to safely store important rental documents property managers need, using property management software is the best way. Luckily, there are several applications available to help landlords and property managers keep sensitive data safe. Here are some of the top options.
- Appfolio- One of the most popular property management apps is Appfolio. It’s great for cloud-based property management tasks, including accounting, marketing, and reporting.
- Buildium- Another similar app is Buildium, which helps landlords manage tenant screening, marketing, financial reports, and more. Like Appfolio, it’s also a cloud-based software that works across all devices.
- TenantCloud- TenantCloud is an excellent and affordable option for landlords and property managers. This software supports rental processes like posting listings, collecting rent payments, and screening tenants.
- Rentec Direct- Another easy-to-use tool is Rentec Direct, which allows landlords to screen tenants, collect rent, store documents online, and more.
- Stessa- A free property management option landlords or property managers can use for accounting purposes is Stessa. This platform offers services like income and expense tracking, rent collection, and property performance monitoring.
Hire Professional Management for Your Rental Business
Knowing which documents property managers need to run a rental business is important. However, knowing how to store them properly is equally as helpful! Today, we reviewed several documents that are vital to the rental process and the benefits of using online property management software to store them.
If you’re looking for an experienced company to manage your rental properties, look no further than PPM. Professional Property Management in Northern Virginia has the tools and expertise to help your rental business succeed. Learn more about our services and contact us today to see how we can help!
