Documents relating to communication with clients

A record should be kept of all communication between you and your client, including written correspondence, such as emails, faxes and letters as well as notes of conversations that are recorded as file notes.

In particular, records need to be kept of the:

  • Time, date and duration of the contact;
  • Name of the person who was contacted;
  • Subject of discussion;
  • Outcome of the discussion;
  • Action to be taken, by whom and when
  • Details of any meetings indicating those present and their contribution to the discussion.

Bearing in mind that client documents will be used in subsequent reviews, they should be held in a way that makes them easily accessible. The type of information that will be needed for reviews would include:

  • Purchase price paid for an investment property;
  • Associated costs (e.g. stamp duty, conveyancing);
  • Lease details, including amount of rental income;
  • Finance details (loan amount, interest rate, repayment figure);
  • Insurance coverage; and
  • Management (rental) agreement details.