If you have a stupid question. I have never dealt with a property manager …How do I get my money when the property managers collects rent?
When the tenant pays the management company how do i get my money…He just sends me a check in the mail after taking his cut?
Also if something needs to be repaired he gets quotes and tells me how much it will cost and then I send him a check?
Hi Amarsjr,
Typically a management company collects all rents and pays all bills (mortgage, taxes, insurance, management fees, utilities, repairs, etc.) out of those rents and at the end of the month should be sending you a complete financial statement with your owner distribution which represents the balance of funds left over.
If your revenues are insufficient to cover the expenses, you will receive a request from the management company for you to make an owner contribution (deposit) into your operating account to cover the expenses.
That’s the simple version. Let me know if you have any other questions.
Good luck!
Cate