One of the benefits of hiring a Fort Wayne property management company is that you’ll have accurate and organized accounting of your property’s financial performance. Today, we’re talking about what you should expect from your management company when it comes to managing your finances.
Property Management Fort Wayne: Separating Funds
Your property management company must keep your funds and the accounting of your funds separate from the company’s funds. This is the law, and it’s important that your funds are not comingled with the company’s funds. Talk to your property manager about how your funds are kept so you know they are legally compliant with how they’re holding your money.
Property Management Fort Wayne: Reporting
The company managing your home must also provide regular monthly or quarterly reports. These reports should describe all the financial activity associated with your property. This will include your rental income, as well as any expenses. Maintenance is usually one of the largest expenses for landlords every month, so you’ll want to make sure those repair costs are reflected in your reports.
Property Management Fort Wayne: Distributions
You’ll definitely want to know when you can expect to get paid. Owner distributions should be made promptly every month. This might not necessarily be on the first of the month, but you should agree on a time that you can expect to receive your rental income.
Property Management Fort Wayne: Communication
Most importantly, your management company must be willing to communicate with you regularly. There should be constant communication about the property and your finances. You want the entire process to be transparent. There should be no issue with your property management company taking your calls, texts, or messages when you have questions about accounting, reports, or the funds associated with your rental property.
If you have any questions about accounting and finances, please contact us at Select Property Management Pros. We’d be happy to tell you more.