Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 9 years ago on . Most recent reply

User Stats

64
Posts
9
Votes
Robert M.
  • Investor
  • Atlanta, GA
9
Votes |
64
Posts

Property Manager does not want to hold security deposit

Robert M.
  • Investor
  • Atlanta, GA
Posted

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?

Loading replies...