What kind of financial services to property managers provide?
Posted by Christopher Berkompas in Property Management ArticlesProperty managers bear significant financial responsibilities given that they handle rent monies, reserve funds, security deposits, and write checks on the owner’s behalf. They are also responsible for making sure bills get paid (taxes, mortgage, insurance premiums, etc.).
Community association managers, in contrast, collect homeowner dues and pay for the maintenance of community-owned facilities.
These duties require financial discipline and orderliness, high standards of integrity as well as safe guards to establish transparency and accountability. The laws in each state vary, but many forbid the co-mingling of funds and list out rules for how tenant and owner funds are handled.
It is extremely important that investors receive regular detailed reporting on the performance of their investments under management. Keep reading for a list of questions for property management companies about how they handle tenant and owner funds.
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