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As you can envision, having an excellent classification filing system is the only way you can handle a number of residential or commercial properties effectively. Your property management software application is great at tracking everything, however you will still be storing and accessing a lot of documents. The idea of setting up a physical filing system is to mirror the exact same filing system utilized in your home management software application, which I will talk about next.

So your file cabinet will be set up the exact same way having an owners section with the owner files, the property/unit area with its file and the renters section with their files. Now that you know about the different kinds of files a residential or commercial property manager or owner needs to keep up with, Owner files, residential or commercial property files and renter files, I will now go over all 3 categories and describe 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 simply a file folder with several tabs. Each tab has Safe, Shield fasteners to attach you documentation in a guaranteed fashion. Given that you have 6 tabs to work with you can organize your crucial documents any way you like.

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2nd tab is utilized for monthly and yearly owner reports 3rd tab is for a list of rental property owned by them which includes property addresses and other related details. 4th tab is for the management agreement. Fifth tab is utilized for payment stubs (where we paid to the owner) Sixth tab is used for various notes.

When we are ended up with information entry, we submit it in the owners area of the file cabinet, alphabetized by owner last name. How to arrange  Check For Updates  using residential or commercial property management file folders. Home files also use the classification file folder, And once again, you can set yours up any method you select but this is how I do it; First tab we keep a copy of the title Second tab is utilized for a control sheet, which is a fast referral to very important details about that property, like area, insurance coverage information, image of the home, owner contact, number of bedrooms/baths and facilities.