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| A quick reference for residential investors from WILMOTH Group. Providing creative solutions, strategy, services and support in the residential investment community since 1994. |
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How Reserves Play A Crucial Role In Property Management |
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| We recently received an email from a prospective new client. The property owner asked about reserves and the concept of reserves. It appeared that he had a bad experience on this issue. Here is part of the message.
“What sort of issues are customarily allowed to be charged against the reserves? The reason I ask is a concern that it is common for a property management company to address any maintenance issue under ($x) without the consent of the owner. While I understand maintenance is essential, there is no protection for the owner that the management company will not take advantage and make unnecessary alterations. Payment is then forced on the owner by simply deducting against their reserves.”
This is a really great question. When hiring a manager, you certainly deserve to know how the reserves will be utilized.
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Why WILMOTH?
24-7 Home Protection
Tenants are provided a toll free number to call in case of any after-hours emergencies. This number is answered by trained property managers with detailed instructions as to how to service all tenant emergencies. Learn More
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WILMOTH Inbox- Property Managers As Additional Insured Parties
Dear WILMOTH:
Why am I being required to add my property manager as an additional insured on my homeowners policy? This is the policy that covers the property being managed. Shouldn't the property manager carry their own insurance? Why should I provide insurance for them on my policy?
CONFUSED OWNER |
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| Questions? Own a property that is just not performing? Ready to increase your portfolio? Or just want to discuss anything? Let us know and we will get right back to you! |
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