Everyone speaks about systems when speaking about property. I would add the word organized as well. The clear benefit of running systems and being organized is one word…Freedom. The freedom to relax when you are away from your desk. The freedom to enjoy your work, knowing it’s all getting taken care of. Organization helps keep your stress level at a minimum because there is a plan and place for everything. The only way to do this is focus on several areas…

  1. Know your numbers….what are my costs….make sure all bills paid timely….what is the rent I am achieving…what are my voids. …I have seen property investors try to grow huge portfolios and lose track of all of these. In many cases it might even be wiser to be smaller until all issues and systems are in place.
  2. In order to have freedom….you need to keep stress to a minimum. Staying organized is also about staying legal from a council standpoint, health and safety, tax and insurance standpoint. Too many landlords forget about vetting their builders to make sure they have liability insurance in place.
  3. Lastly…why we are in the property game….is profits…( Or hoped profits).  Being organized& having systems can actually make you more profitable in your business. By knowing where all the money is coming from and where it’s all going, you will always have an accurate picture of how your rentals are performing, allowing you to take action to correct it.

Yes there are more issues…like I mentioned management….but being organized is another integral component of property success.