Apr 19, 2019
049 Why Your Systems are So Important for Your Success
Today we discussed "Why Your Systems are so Important to Your Business" in Free Coaching Friday. As we all know, that our systems change as we grow.
One of the thing that I learned when I joined REIN is that each property you buy, you should have four file folders to it. These folders could be either online or physical and I recommend you to have both. One of them folder would be a Purchasing document file folder where we keep all our purchasing documents, environmental documents, statement of adjustments etc. The second folder would be for the tenant lease documents. The third one would be for Bills where you can keep track of your expenses and the fourth file folder would be for Tax documents such as property tax, insurance paperwork etc.
Once we have this preliminary system in place, we can easily track down the documents when we needed and save some valuable time down the road. Other systems are having your documentation and filing paperwork ready for your bookkeeper on time. Every time you add a new property make a new file for that property and keep the hard copy of the new property to yourself and send a digital copy to your bookkeeper as well.
Property managers are also an important part of your business. One of the process that we have in place is to have an inspection of all your properties done at least once in a quarter so we can keep track of the safety and security of the building. Also, during inspection, ask your tenants do you have any concern with your apartment that needs to be addressed? This is because sometimes, tenants hide the damage done to the building by tricking us and we left unaware. Also, sometimes pests wreck havoc in the building and to avoid such huge expenses on pest control we need to inspect our properties once in a quarter.