Managing ten rental property units is not an easy task. How much more if you’re taking care of 20 or 30 or maybe 50 units for rent? Being a landlord is fun but it is also a tedious job. Before you even get into the eviction process, there is just so much to take care of – on a daily basis. Documents are sent and received between you and your tenant – records, promissory notes, repair requests, personal information sheets, and the like. Just like with any aspect of real estate investing, keeping yourself organized will get you through a long way.

Today, I would like to share with you, my fellow property investors, a simple yet very powerful landlord organizing tool. I have been using this strategy ever since I started in the business – not only in managing my rental property but also in dealing with the other businesses that I have. When a new tenant comes in, I assign her a personal folder. Inside it, I put all important documents – agreements, contracts, etc. To make things even easier, I put coloured ear tags on each folder and arrange them in an alphabetical order. Now, locating a tenant’s record is very easy and quick. Most importantly, when it is eviction or turnover time, running through all past agreements, contracts, and all the other documents becomes very convenient for my part.

Organization is a very simple yet very important aspect not only in managing your rental property but in every business. If you do not have the patience of organizing your goals, activities, and daily tasks, you’ll have a hard time reaping your rewards in the end.