A Simple Guide to Keep Track of Property Deeds as Your Portfolio Grows
As your property portfolio expands, keeping things organized can quickly become a challenge! You will need to deal with a growing amount of paperwork, information from tenants and contractors, and leasing contracts. This can truly feel overwhelming, but keep in mind that managing important documents like your property’s deeds doesn’t have to be complicated! Here are a few straightforward tips to help you keep your property deeds safe, accessible, and organized as you optimize your real estate portfolio.
Use Ad Hoc Tools To Manage Your Documents
Sometimes, you need to quickly save, develop, view, or share deed information. Here’s where ad hoc tools like Quitclaim Deed can help you! These tools allow you to manage your most important documents in a straightforward, simple but effective way.
Alongside these dedicated tools, make the most of features like your phone’s note-taking app, a simple document scanner, or even a cloud that is protected by a password and, ideally, multi-factor authentication. These tools allow you to always have at hand the information you need to manage your portfolio.
Make Digital Copies
One of the easiest ways to keep your property deeds safe is to scan them and keep digital copies. This simple strategy can protect important documents from risks such as fire and water damage. Plus, if you misplace the original, you have a backup that’s easy to access and share. And, of course, having digital copies makes it easier to find and review documents, simplifying the entire management process!
To make digital copies, you can invest in a professional scanner, or you can simply use your smartphone, saving the documents as PDFs.
Use Clearly Labeled Folders
Real estate investing can be very profitable, but it comes with some pitfalls that cannot be overlooked—and, one of these is mismanaging important documents!
In fact, when it comes to looking after your original paper deeds, it is critical to find the right way to store them. Ideally, you’ll want to buy a set of secure folders that can withstand agents such as moisture, heath, and UV rays, each of which can permanently damage your documents. Once you have chosen your folders, label each one with the property address or a unique number and store the folders together in a safe place—like a filing cabinet, lockbox, or even a fireproof safe.
Set Up a Simple Spreadsheet
The last thing you want when managing your properties is having to spend hours on end looking for important documents! This disorganization may cause you to miss important deadlines and lose key information. Fortunately, simple tools, like a spreadsheet, can help you stay organized. Following spreadsheet best practices can help you keep track of your properties, the location of each deed, and the status of various documents, such as those that may expire and need to be reviewed.
Share with Trusted People
Last but not least, you may consider the benefits of sharing important documents with those you trust most! This can help you have a back-up if needed. However, be sure you trust the recipient with looking after key paperwork!