As a rental property owner and
investor in Arlington, Virginia, you should keep records of every detail relating to your rental property for your protection. By keeping your records current, you can protect the value of your investment and reference the documents in case of an emergency.
It’s important to keep records of your rental agreement, rental applications, maintenance invoices, leases, inspection checklists, and accounting records. This article will show you the importance of proper paperwork and rental agreements in protecting you and your property in Arlington, VA.
Improves Maintenance and Inspections Management
Inspections and maintenance are some of the most crucial aspects of managing rental properties. They have a huge role in keeping excellent renters and attracting new ones — more significantly, they protect and
grow the value of the property. Making a paper trail that documents any maintenance issues and their solutions is a good idea to improve property management.
Having the proper paperwork about maintenance and inspections allows you to have a trustworthy record of the problems at your rental property, along with the repairs and maintenance that have been made. Having a clear understanding of the property’s condition and what needs more attention will help you improve the management of your rental property’s maintenance and inspection.
Streamlines Auditing
It will be easier to simplify audits if you keep financial documents updated. Bank statements are a good way to prove your income, and you should also keep separate records for each property you own. Keep records that show your costs and provide evidence for each deduction you make for repairs, upkeep, and property taxes in addition to any permitted deductions. This will eliminate stress and worry during tax season. Plus, it will protect you and your property from legal mistakes that might harm your business during audits.
Makes It Easier To Take Legal Action
If legal action is necessary, having all the appropriate paperwork and rental agreements will speed up the process. For instance, if you need to take legal action because your renters aren’t paying their rent, having a rental agreement and the necessary papers will be your proof — you will be able to win the lawsuit with the help of the paperwork and contract.
Additionally, having the right documents and rental agreements can protect you from any legal action that the renters could take, such as claims of breaching the contract or retaliation.
Work With a Trusted Arlington Property Management Company
