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Property manager advice
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 between me and the tenants (i don't talk to them directly).
For the rent, our agreement has been until now that the tenants address a check to me but mails it to him. He then mails it to me and I pay him 10% commission for his services. This works for me as checks have been lost in the past and I can always ask for another check from them knowing that the original was not withdrawn. I'm also happy with the value I'm getting as I want eyes and ears on the ground in Atlanta to watch my home. Recently, the rent payments have become erratic which he blames on the postal system. To address this, he wants to change the payment process so that they pay him directly into his account and that he then pays me electronically. I suggested opening a Chase account as they own my mortgage which will allow me to make photo deposits of the rent check. This eliminates post and should streamline the process. 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 any arrangement where someone who should get a 10% cut asks for 100% of the money so that they can pay me the 90%. We've had a good relationship until now, should I be concerned?
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With best regards Al |
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