We are a new brokerage who hit the ground running, but now we have a mountain of papers from a few closed, current, and pending deals.

Im trying to decide what is the best folder naming method so that I don't have to keep making multiple copies to put in multiple folders.

For example, I thought of labeling the folders the months of the year, and then with in those folders, put sub-folders of deals occuring that month.

I figured that might be good for anual tax purposes, but then thought "what about the agents", I would need to copy items from those folders and put it in the corisponding agent's folder to keep track of what agent did what.

An office manager from another company said she just has a drawer for each stage/type of the deal, a drawer for open, pending, buyers, and sellers.

What is the best filing system you've seen?, I think my problem is I am depending on the filing system for my accounting because we are still working on an accounting system as well.

thank you very much

MG

Our system is pretty simple. Each new deal that comes in is given a trade number - our deals always start with the current year then a three digit number (06-100, 06-102 etc.) The file starts as a pending and all documents are placed in one folder and then placed in the pending drawer. I also have a colored tag that goes on each folder for each agent (makes it easier to find sometimes). Each listing has its own file and always stays a listing file only - an offer written on it is a trade and is a separate file. each listing file is a 4 digit number and also starts with the year but no dash (6000, 6001, etc.) once trade is firm and conveyancing letters are complete it is placed in the firm drawer. Once closed, it is placed in our archives in order of the trade or listing number. Very simple - no duplicates - hope this made sense - Also, make sure that the trade and lsting number matches that of your accounting software , easy for your accountant to find needed files

what is the reason you take a file as pending? Do you or anyone in your office actually review the paperwork, or do you just file it?

all files that are placed in the pending drawer are reviewed and approved by me.

pending also means that the conditions of the contract have not been satisfied