Which document should be included in the permanent property file?

The management contract is a vital document that outlines the terms and responsibilities between the property owner and the property management company. It serves as the foundation for the property management relationship, detailing the scope of services to be provided, the duration of the contract, management fees, and other essential terms.

In the context of a permanent property file, the management contract is important because it provides a legal reference that governs the relationship and ensures that both parties are held accountable for their contractual obligations. This document remains relevant throughout the duration of the property management relationship and can be referred to in case of disputes, changes in management, or evaluations of property performance.

Other documents, while important in their own right, may not have the same lasting relevance in the permanent file. Monthly cash flow reports are typically time-sensitive and used for short-term financial assessments. Competitive bids are specific to particular projects or services and should be retained for as long as necessary but do not need to be part of the permanent file. Maintenance records, although important for tracking property upkeep, are often organized separately and may not be needed in a long-term context as the management contract.