All Forum Posts by: Gamal R.

LeJon,

Text is becoming a common form of communication and more common with the younger crowds. I use text to communicate with some tenants and clients but only after a relationship is established and one of us mentions texting.

With that said I dont think you are missing any business opportunities because any serious potential customer will probably not text an add as a first means of communication. If they are serious they would call unless you mention in the add to text as some people do (I know you didn't).

But I wouldn't be suprised if someone texts me about one of my rentals on craigslist. Are you putting Call # or just the phone #? That might cause some people to text the number.

But a texting plan should be cheap. Maybe you should look into it. If it helps you close one deal then it would pay for itself 50 times over.

Also most states require security deposits to be placed in a trust or escrow accounts that should protect the funds in situations like this.

Do you recomend any paticular bank?

Thats right it all depends on the contract with your PM. Did you give them power to sign lease agreements and authorize new tenants?

Mike you make me not want to start my PM business. lol.

I guess your other option is to get an assistant and have that person sort of do your property management for you. Maybe a friend or someone's Son or Daughter you know that needs some money/employment.

Ralph is right. In Florida and many other states. A PM business is required to have a trust account for the monies collected from rent . From there I take my fee pay whatever bills need to be aid on the owners behalf and cut the owner a check. Also people recommend a separate account for security deposits.

Alot of websites mention that a broker has to open the trust account but in FL you do not have to be a broker to manage rentals as I asked the Department of Business. So Im kind of stuck.

Im planning on oppening up a PM business in Florida. I have been learning up on the subject. I know I need a trust account for the rent I collect but How and where do I open one?
:oops:

Im starting up my management business and Im considering Buildium.

Anyone else care to chime in on their experience with it or the others mentioned.

Funny I was just thinking of this since my tenant sent me my check with a christmas card.
I was thinking of getting her son something since shes a single Mom but I dont want her to feel obligated to give something back. Maybe a card will do.

Khalid would like to hear an update?