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Keeping and handling files appropriately comes down threat management in order to secure yourself and your business if required. The info listed below offers basic info about essential files related to property management. While Did you see this? might seem like an extensive list already, there might still be products you discover are necessary or required for your ensuring compliance with state requirements and to secure your rental company.

Essential renter files may include: Tenant rental application and screening reports Correspondence concerning approval or rejection of rental application The signed lease or rental arrangement, plus any modifications or updates included throughout tenancy Down payment, security deposit refunds, and an itemized list for any deductions Move-in evaluation documents finished by you and your renter Move-out assessment paperwork, particularly as it connects to a renter's down payment Rent payment records Rental fee records (late costs, cleaning costs, family pet costs and so on) Pet policy agreement and pet deposit records Written requests for entry Rent boost notifications Property upkeep notices Workorder or maintenance demands, and details of how and when they were managed Lease infractions and matching action records Eviction documentation and records Legal notices and matching actions All emails and correspondence with renter You should also maintain application records, tenant screening and all correspondence concerning approval or denial of rental applications from all rental candidates even if they never lived at one of your rental properties maintaining rental candidate data will assist protect you if a candidate submits a discrimination claim.

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Owner files can consist of: Owner-Manager Contract All owner residential or commercial property files (see below) Requests and approval for property maintenance, and details about how and when they were handled Management Cost payment records Owner lease payments and payments using owner funds All emails and correspondence with owners Owners can be known to conflict charges related to home maintenance, so make sure your signed management contract details how you will deal with work order requests and what the procedure is for using owner funds for approved home maintenance.