management ? about utilites & bank account
Hi there! I've been running my own str/mtr business with 3 units for the past seven years. I'm taking on a duplex to manage for an owner who is moving out of state. I plan to open a separate rent-in-trust account for this property and have a couple of questions. Should the owner have access to the account? Preferably, I'd like not to have the utilities in my name. What is best practice about whose name they're in, and how utilities are paid? Can anyone point to a source of good info on managing mtrs? Thanks!
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#3 Medium-Term Rentals Contributor
- Property Manager
- Los Angeles, CA
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#3 Medium-Term Rentals Contributor
- Property Manager
- Los Angeles, CA
Hi Hannah! Is this going to be in Oregon? What you should be looking into is the property management law and licensing requirements for the state. I'm in California, so I'll use my state as an example.
A property manager is required to have a broker's license or operate under a broker. This means that you cannot collect rent or handle lease agreements if you are not a property manager. The owners do not need access to the trust account. Also, the utilities should be in the owner's name since the STR/MTR belongs to the owner, not you as the manager.
We currently manage about 40 MTRs in Los Angeles. Happy to be a resource if you're planning to get into this business =)