Landlords: Do You Have An Operations Manual For Your Rentals?

[Mindy Jensen]

I saw an excellent piece of advice in our Official BiggerPockets Facebook Group today. 

"I created an operating procedures manual. Details all vendors, bills, banking setup, tenant details, current outstanding projects and objectives, and how to handle the common tenant issues. If I needed to step away, I could hand it to someone and they could pick up exactly where I left off without trouble. Also helps me stay consistent."

Someone else suggested, "Add a section on how to handle payments during a pandemic-a topic that would have seemed overboard a year ago but totally relevant today. Update your manual consistently as you run into issues+solutions so you can apply them to your next lease. Have your tenants read through each section and initial for shared understanding."

So landlords, do you have an Operating Manual and if so, what's in it?

[Gregory Schwartz]

 SOPs (Standard Operating Procedures) are huge no matter the size of the operation or organization. We have templates for the major notifications, lists of primary venders, and basic how to's for things like listings, leasing process, evictions etc.  

@Robert Lipscomb I love a good After Action Report. The key thing to remember about AAR is that its very easy to sit around and discuss what went wrong and what you would have done differently but its another to actually reference that material to improve your processes.