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Tip #276: Are You Writing This Down?

 Are your tenant files bulging with paperwork? If so, kudos to you! That means you understand the importance of creating a paper trail.

Documentation is one of the most important facets of property management, but also one of the easiest to overlook.

From tenant disputes to a subsequent sale of the property, preparing taxes or keeping your property insurance, documentation is your security blanket.

Develop a habit of taking copious notes each and every time you interact with tenants or visit the property. If in doubt, write it down anyway. It’s easy to discard what you don’t need, but virtually impossible to recall conversations or track expenses without contemporaneous records.

When the need arises for documentation, you’ll be glad your file drawers are stuffed to capacity.

See last week’s Landlord Quick Tip.

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