One of the most important aspects of trusted property management is financial accountability and transparency. A good property manager will always be familiar with the specific rules and regulations governing the handling of client funds on a local basis. This knowledge enables them to safeguard transactions, meet regulatory requirements, and protect the interests of all parties involved in a rental transaction.
Many state laws require that property management companies hold owner funds in a separate federally insured checking account that is established as an escrow account or trust account. This account must be kept completely separate from a business checking or savings account that is used to manage the company’s operating expenses and disbursements to owners. Some rental management companies also establish another account that is designated as a security deposit trust account. These accounts must be kept completely separate as well to avoid commingling of funds and a violation of law and/or ethical standards.
Trusted Property Management Knows How to Obtain Quality Tenants
A great property manager can provide valuable assistance in the process of attracting and contracting high-quality tenants for your rental properties. They will have the experience necessary to identify and select tenants who are more likely to pay on time, stay longer term, and cause minimal wear and tear on your investment.
A reputable property management company will have established working relationships with a variety of service providers and will be able to negotiate discounted rates that are often several percent below market value. This can make a significant difference in your bottom line. trusted property management
