5 Reasons to Keep Good Records
Chelsea Driscoll • Mar 11, 2020
1. Tax Filings
Property taxes are a major source of revenue for any municipality. Landlords with property in several locations need to file appropriate information, which may vary from town to town. The wrong figures can lead to fines and other serious consequences.
2. Financing & Loan Applications
It is standard operating procedure to use property to leverage additional financing or loans. Banks want to see the figures. A landlord may have to submit an itemized report to a loan officer to get the requested cash.
3. Insurance Claims
Accidents will happen and therefore landlords have property/casualty insurance coverage for their rental properties. Claims departments insist on knowing the extent of the damage and any repair costs. Property owners must supply the proof.
4. Damage Reports
Insurance companies need the figures and so does the landlord. The tenant security deposit can be affected by the repair costs and incorrect figures may lead to problems with the departing tenant.
5. Financial Management
The records tell a
landlord
how efficiently the money is being managed. The numbers reveal the net profit, or loss, coming from a given rental unit.
The Curse of Human Error
The old-fashioned way of keeping records is having a clerk manually tabulate the figures. This is a problem for any landlord. Human error is a very real danger and a careless mistake can lead to trouble. Manual records are time-consuming and expensive. Paper records only add to the office clutter. It is critical to computerize important information.
Property management companies in San Diego can assume the task of records keeping. It is a standard part of the service agreement and is one less chore for a busy landlord — Alta Vista Properties is a property management company in San Diego with a reputation for efficient records keeping.
Our Records Are Computerized
We do not have rows of files bulging with paper. Instead, we computerize information and have top security for stored data. We use App Folio Property Manager and it is the best real estate software on the market. Human error is nonexistent, and the records are protected from hackers or fire damage.
Landlords appreciate having an owner’s
portal
and we have this on our website. A client can easily access information and know it is accurate. We can produce numerous reports. If a client wants a customized report, we can furnish it.
Our primary goal is excellent service. We want our clients to know that. Alta Vista properties will go the distance and one step beyond to assist a landlord in San Diego. We take advantage of technology. Rent collection is done with electronic transfer and the correct amount is deposited in a landlord’s bank account.
Alta Vista Properties Has A Commitment to Clients
Our records keeping extends to all parts of property management. We take the time needed to perform due diligence and guarantee the safety and security of all data. A client can easily find out any information required from our portal and know that it is up-to-date and accurate. This is part of our dedication to providing the best possible service to
clients. We are confident that all information we record and store can be used to increase the value of any real estate portfolio.
