Property Manager does not want to hold security deposit
State of Georgia
I have new property manager that does not want to hold security deposit because of accounting work.
I am a licensed agent and one of the reasons I use PM is to avoid involving my brokerage in security deposits rents...etc. In Georgia, a licensee must place the deposit in a trust account through brokerage unless they are using outside management services.
Partly my fault for assuming the new manager will hold the deposit (I didn't ask). Common practice in Georgia is for PM to hold security deposit. I like the PM as he seems honest and found a quality tenant very quickly on my new rental.
The new PM is also licensed broker.
Any suggestions?