We signed on with a Property Mgmnt Co out of state in
April.
9 weeks later, our home has been rented, June 3rd.
We set up a wire transfer payment arrangement via fax, so I know the account info was correct, and were told that June 15th, we would get our share of the rental distribution…
We did not get the wire transfer.
I monitored the bank for the wire transfer, I even called the bank and they said no money had been wired, and when I found out they charge $10.00 per wire transfer I told the PM CO to cut us a check instead.
I called the accountant and she said she would process a check. We waited a week, no check.
I called her back, she said she was waiting to hear from her bank
that the wire transfer did not go through, and she would send out a check, that was on Friday…
I called today to confirm the check was sent, she said it was sent Friday, 7-7-2006…We live in CA and the PM Co is in AZ.
Well, it still has not gotten to us, and I am unsure of how to proceed.
Complain to the BBB?
Wait a few more days?
Or tell them to pay us the intrerest that we lost out on by not h haveing this money on time!
Maybe the check will come tomorrow, who knows?
Any advice is appreciated!!
An indication you might have future problem with them. Look for other property management company and ask for reference. Call there reference up.
Some PM Co. distribute the previous month rent at the beginning of the month. In other other the June rent is distributed in early July; this allows them to cover expenses/repairs during the month of June.
If they mail it Friday afternoon, it could take a couple of dyas to get to you. It takes 2 days for our check from ourt PM Co here in SoCal that only 80 miles away.
Sounds like you need to speak with someone in charge and ask a few question like have them explain their funds distribution system, book-keeping cycle, etc.
JonnyQ-
Thanks for the advice, however, this
PM Co. is our 2nd one this year.
Our first PM Co tried to overcharge us,
I am almost finished with them and those
issues.
This current PM Co has been very independant and take care of things, so I am willing to work with them to some extent.
I guess these PM Companies think that I am stupid since I look 24, or just think I will not care since I am in another state.
I have and will account for every penny I pay them.
aak5454:
Thanks for the reply.
Their policy is to send the rent distribution
out on the 15th each month.
Maybe they were just being cautious
since we are a new client. Who knows?
Well, we got the check today, however,
it is $70.00 shy of the original amount
that the June Invoice was for.
We also had set up a seperate account with them ($300.00) for expenses.
I now need to see if $300.00 was spent since April 8, hard to imagine since it is a new home that has everything under warranty!
Advertising was fairly minimal as well…
Hmmm, so, now I will need to educate them on what that account was intended for, after I confirm the balance in said expense account!
First I will look into what was charged and
why; I have yet to see the check or the explanation provided… Hubby stays far away from the finances, and he gets panicky trying to read messy writing,
I may need a magnifier for this!
Well, 3 more days until our July rent
distribution is due out in the mail!
Thanks for taking the time to post!
ask lots questions; you are the customer! sounds like there might be a problem, but communication is key. (i.e. call me up, get the manager on the phone and talk about the issues!)