Efficient accounting systems are crucial when it comes to managing your rental property. When you’re hiring a professional property management company, make sure you ask about their procedures for collecting rent and making payments on behalf of your property. Complete transparency is essential. As a property owner, you should receive regular statements that reflect the financial performance of your rental property, and you should have complete access to any financial or accounting records pertaining to your investment property.
The laws in Washington State require that all funds are deposited into a trust account. You do not want your tenant’s funds co-mingling with your own funds. At Brink Property Management, we keep all security deposits and rental payments separate for the property owners we work with.
Tracking Income and Expenses
All income and expenses associated with each individual property are tracked separately. Any minor repair bills or other payments that need to be made are charged to the owner/property account, and you’ll be able to see all those expenses at any time. We also keep track of the collected rent, and that is posted in your account as revenue. Rents can be paid electronically by tenants and we are able to pay Owner disbursements directly your bank account.
Disbursements and Statements
After all of your property’s bills are paid and the necessary fees are deducted, a disbursement is made to the property owner. This is your net rental income, and our updated accounting system and on-time rent collection policies ensure you get paid quickly. After we have deposited your income into your account, you can check your owner statement at any time. We make sure these are readily available so you are able to track your income and expenses any time you want.
We keep our accounting practices simple, efficient and easy to understand. If you have any questions about how a property manager should handle the finances associated with your rental property, please contact us at Brink Property Management, and we’d be happy to tell you more.