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As you can think of, having a great classification filing system is the only method you can manage several residential or commercial properties successfully. Your residential or commercial property management software is great at keeping an eye on everything, however you will still be storing and accessing a lot of documentation.  Learn More Here  of setting up a physical filing system is to mirror the same filing system used in your residential or commercial property management software, which I will talk about next.

So your file cabinet will be set up the very same method having an owners section with the owner files, the property/unit area with its file and the tenants area with their files. Now that you understand about the different kinds of files a property manager or owner has to keep up with, Owner files, home files and tenant files, I will now go over all 3 categories and explain how to arrange them.

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Each owner gets their own file. You can utilize what they call pressboard category files, which are merely a file folder with a number of tabs. Each tab has Safe, Shield fasteners to attach you documentation in a secured fashion. Given that you have 6 tabs to deal with you can organize your essential papers any method you like.

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Second tab is utilized for monthly and yearly owner reports 3rd tab is for a list of rental property owned by them that includes residential or commercial property addresses and other related information. 4th tab is for the management contract. 5th tab is utilized for payment stubs (where we paid to the owner) Sixth tab is used for various notes.

When we are finished with information entry, we file it in the owners section of the file cabinet, alphabetized by owner last name. How to arrange property files using property management file folders. Property files also utilize the category file folder, And once again, you can set yours up any way you choose but this is how I do it; First tab we keep a copy of the title Second tab is used for a control sheet, which is a quick recommendation to very important information about that property, like place, insurance coverage details, image of the residential or commercial property, owner contact, number of bedrooms/baths and facilities.