Managing rental properties is not a walk in the park, especially when you have multiple condos that you need to oversee. In addition to the usual tasks of being a landlord, you are also in charge of condo document management in Alberta. Not keeping up with all the record-keeping means you could potentially miss financial reports, lapsed leases, maintenance dues, and many more.
It's important to have an effective system for condo document management in Alberta in place. Here are some tips that can help:
- Digitize your documents.
It's hard to keep track of all paperwork. There are chances that you can lose important documents. This is why it's a good idea to have a digital system in place. Make sure your documents have a digital copy so you know where to find them and you can pull them up with ease when needed.
To do this, make sure you scan your important documents such as lease agreements, financial documents, and maintenance records. Store them in a cloud storage system such as Google Drive. You can separate these files by putting them in separate folders.
- Know what condo policies and laws will affect you.
Keep track of all the bylaws that can affect your operations. There can be changes to the laws regarding rental restrictions and regulations on noise. It's also important to check the lease agreements and to see when they need to be updated.
- Safeguard your financial records.
You should be properly recording all financial statements. This includes keeping track of the income of your rental properties, outgoing expenses, and tax expenditures.
You can use programs and software to keep track of the rental payments. These software programs can also help you input other pertinent financial details such as the costs of repairs, insurances, and condo maintenance fees.
- Make sure you schedule regular maintenance.
In order to avoid problems in your rental properties, make sure you keep up with the maintenance requirements of your rental units. Failing to do maintenance on your properties can hasten the deterioration of the units, which can reduce the potential of your investments.
It's important to have a list of the maintenance steps that you need to do, along with the people you need to contact for the services. You also need to keep all records of transactions, such as repairs, and even the warranty of your appliances, in case you need to use them.
Condo document management in Alberta can be tedious. But when done properly, it can make owning rental properties more rewarding. You can enjoy the fruits of your labor without the messy documentation.
If you don't have time to oversee all these documentations, you can always rely on property managers such as KDM Management.
Smith Jones is the author of this Article: To know more about condo document management Alberta please visit the website.
