Setting Up the Ideal Tenant File
Staying Organized will Pay Off
Good record keeping can ensure that every visit to your accountant will be a much more pleasant experience. But more importantly, documenting each step in the landlord/tenant relationship can protect you in a claim against a tenant, or verify your position in case of a legal dispute filed by a tenant.
Set up your tenant file system so you can access all information quickly. You will probably have two sets of records: paper and digital. Written records should be kept in fireproof, locking cabinets, and include:
- Tenant’s rental application
- Signed lease or rental agreement
- Verification forms
- Lead-based paint disclosure form
- Credit, Background ,Criminal Records Reports
- Receipt for security deposit and/or rent
- Move-in/move-out checklists
- Photos of unit taken at move-in
- Entry notices
- Addenda to lease or rental agreement
- Maintenance requests
- Tenant Correspondence
Your digital tenant files will include all email correspondence. You can also scan documents and save them on your hard drive or back up disks in case of loss of paper files.
The most important thing to remember is to gather all the information required for each tenant. Don’t fall into the habit of overlooking important details—you never know when you’ll need that proof of notification, or a document signed by your tenant to prove your case!