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Updated over 13 years ago on . Most recent reply
Issue with property manager and an out of state rental property
All
I have a property manager that is taking care of my old home in Atlanta GA. The process as it stands is that he is the single point of contact for the rental property between me and the tenants and they send a check from the tenants, addressed to me to his address and he forwards it on to me. I in turn pay him a 10% commission for his services.
He wants to change this process so that they pay him directly into his account and that he then pays me. The reason for this is that it will make payment more reliable as there has been postal issues in the past.
I suggested opening a Chase account as they own my mortgage as they accept photo images of checks which should streamline the process but he is resisting that and has indicated that if I don't do it his way, he will have to raise his fees.
I can't help but feel uncomfortable with an arrangement where the property manager wants to deposit all of the rent money into his account as it takes a lot of control away from me and I have a mortgage to pay. Should I be concerned here?
I welcome your advise.