Property management access to bank account(s)

[Seth Franklin]

We are currently exploring a particular property management company. The management company requested to have access to the bank accounts for the rental property. Is this a common practice? Can we put something in the contract that prevents them from racking up unnecessary charges? If it is an account, can it be set up so that we're obligated to keep a minimum amount in the account for the property management to draw from when needed and when it gets low we can transfer money into the account?  

Thanks for your response & time! 

[Drew Sygit]

Sounds like you have an apartment complex?

Most PMC's collect rent and deposit in their account, pay expenses from this account (including PMC fees) and then forward remaining funds to owners - less Portfolio Minimum.

Larger apartment complexes will be owned by an LLC, which will have it's own bank account for rent deposits. It is common for the PMC to have access to this account to:

1) Know which tenants have paid - and which ones haven't

2) Pay expenses - utility bills, landscaping, maintenance, etc.

3) Pay themselves

How else do you expect them to be able to do all of the above, without having to get your approval daily?