As a Landlord What Records You Must Maintain?

As a Landlord What Records You Must Maintain?

You’re smart to think about keeping good tenant records. This will help you avoid problems should disputes develop later, for example, regarding your handling of repairs or security deposits.

Basically, you’ll want to keep a good trail (paper and electronic) for each tenant, including the following documents:

Tenant’s rental application, references, and background information,

Signed lease or rental agreement, plus any changes made along the way

Rent and Deposit to be paid

After a tenant moves in, add these documents to the individual’s file:

Rent increase notices

Records of repair requests, and details of how and when they were handled

Safety and maintenance updates and inspection reports, and

Emails and correspondence.

There are several property management software programs that allow you to keep track of every aspect of your business, from the tracking of rents to the follow-up on repair requests. Especially if you own many rental properties, these programs are well worth the cost, or you can set up your own database for each tenant with spaces for the following information:

Move-in date

Phone number, Name, Address

Monthly rent amount and rent due date

Vehicle, model, color, year, and license plate number

Emergency contacts, and

Whatever else is important to you.