Like any business, property management companies must maintain accurate records for a number of reasons. First and foremost, it’s essential from a compliance standpoint. Secondly, it’s important from a business perspective to keep proper records so they can easily be accessed if and when the need arises. If you’re new to the industry or your record-keeping isn’t quite up to par, here are the three main keys to success in this area.

Thoroughness

Seasoned carpenters live by the adage of “measure twice, cut once.” They know from years of experience that it’s always better to be extra careful than to risk making mistake that could potentially cost them time and money.

This same concept of thoroughness can be applied to property management record keeping as well. We recommend creating checklists of each step in the process to ensure that nothing is missed, and implementing a cross-referencing policy so a second set of eyes always looks over and verifies that every step has been completed properly.

Accuracy and Precision

While these two words are often used interchangeably, they’re not actually the same. They do relate directly to one another, however. Specifically, accuracy refers to how closely one can get to a correct result, while precision refers to how consistently that correct result can be achieved.

The key to accuracy and precision in property management record keeping lies in proper employee training. And not just one-off training, either. As regulations change and the industry rapidly evolves, it’s pivotal that your team is routinely brought up to speed so they remain on track at all times.

Transparency

The third key to effective record keeping in property management is transparency. This can be defined as information being easily accessible and readily understood. Some recommended strategies for building a transparent workplace environment include:

• Being open to and welcoming of questions
• Developing and strengthening effective communication skills
• Leading by example

A Simple Solution

Property management software like INFO-Tracker can bring all three of these key factors together for a simple and straightforward record keeping solution. Information is entered and stored on a secure platform where it can be reviewed for accuracy, and then easily accessed whenever needed.

To see it in action, schedule a live demo today.