Four Reasons Why Property Managers Need A Good Records-Keeping
Why is it important for a property manager to keep good records on maintenance and also
records on the tenants who rent or lease their property? Good record-keeping can be vital for
number of reasons. For instance, records may be needed to provide evidence and also proof if a
property manager must ever have to go to court for a tenant issue or needs to show the proper
repairs have been made on their buildings or rentals. This is why having good property
management skills in this regard are essential.
Without good records, a manager may not be able to prove or enforce their claims in a courtroom
before a judge. If property managers do not have proof that the proper repairs are made, this may
cost them thousands of dollars or they may lose the property to another owner. This is why good
record keeping is vital.
Staying better Informed
Armed with information, property managers (who may be aware of daily property management
issues) can make better decisions. This can help property managers and owners to improve their
properties and seek to provide the highest quality of property management.
Better records also mean property managers can assess needs faster. If a air conditioning unit has
not been functioning properly and has been repaired five times, it may be best for a property
owner to buy a new unit. However, it is hard to make a decision without the correct information
onhand. This is why property managers need records.
Looking Professional to Customers
Good record keeping may also be important for the simple fact that it looks professional and
tenants may be more apt to rent from a property owner whose properties have good landscaping
and it appears good property management skills are used (for example, it appears repairs are
made both quickly and efficiently). This may also encourage tenants to extend their leases etc.
Should a property manager consider keeping their records off-site instead of on-site if they may
not have the room to store records and having a small area to keep records may appear cluttered
to new customers wanting to rent or lease. Moving records off-site may save property owners
money because they are better able to protect their files in case of a disaster (such as flood or
fire) and they can better maintain a professional appearance. Keeping records off-site may also
reduce some operating costs and save management money by having a separate location for
customer records. The total of $22 a linear foot was saved when the Federal Records Center
moved their inactive customer files to another location for storage.
Save money on property management needs. By having good records, you can avoid buying duplicate
parts that you need for repairs. You may; however, not need two parts of the same type to make
repairs. This is why property managers can save money overall and attract more tenants if they work to
improve their management skills and take steps to bettering their property. For more information,
please visit: Wedmore Property