Property managers have a ridiculous amount of paperwork to deal with on an almost daily basis. Especially if your company continues to grow and gain more clients and properties. Starting good organizational skills early on can save you a lot of issues and will be of huge benefit in the long run. While every person’s organizational skills and needs are different, there are a few good and simple ways to keep the massive amounts of paperwork in an easy to locate order. This holds particularly true of multi-family units, but is equally important with even your single-family units.
Keep it Simple, but Detailed.
Obviously each property should have its own file. Having multiple files within each property is an easy way to keep the different varieties of paperwork separate but together. One file should contain the deeds, mortgage, lease, or rental agreements, property and tax assessment information, or any other information that is pertinent to the property. A very important thing to remember about this specific set of paperwork is to always have copies in these files, and possibly a second set as well. Always keep the original copies of these papers in a secure place. A safe deposit box is usually a good location.
The second set of paperwork that needs to be kept in another file is maintenance related information. Having detailed maintenance accounts for your properties helps to ensure that all is kept up to date and gives you easy access to the information you need. This allows you to keep receipts, maintenance quotes, company information, or other things related to the property.
Which is best for you?
You can have your paperwork filed and organized in one of two ways, or both if it can apply. A lot of property managers will find it easier to have files organized by each property separately. However if you happen to have clients who have more than one property, some find it easier to have all the separate property files within one file for each owner.
However it may happen to work best for you, keeping your files organized with all of your vital information handy will make your life as a property manager far easier and more efficient.