PM and Trust Account question
For the property managers on here....
I own a property management company and I have a potential client with 30 units. Normally all clients funds are run through the trust account (duh). This owner is requesting that he be allowed to set up an owner regulated business checking for his properties (that our broker will be a signer on). Does anyone allow this to happen? I wouldn't consider it with a smaller portfolio because I don't want to have to do it for every owner. Would it ever make sense to separate out a portfolio?
We do currently manage a 68 unit that has its own owner regulated account, which seems ok given the large amount of funds that one deals with (63k in rental income; 19K mortgage) a month.
Thank you for your thoughts!
