We are often asked questions about the managment of your property and how it all works together. Here are some of the most often asked questions that owners have about our management services.
When is my money sent to me each month?
Funds are processed and distributed between the 8th and 10th of each month. Once any monthly bills are paid from the rent proceeds, the amount of funds in your account are distributed to you the Federal Reserve's NACHA system, commonly referred to as an "ACH" transfer or direct deposit. An ACH transfer is not an immediate transfer, the ACH system requires 1-3 working days before the funds will be received in your account. The ACH transfer may not be available into certain types of accounts, like some savings accounts. If you do not take advantage of direct deposit then funds will be distributed via check with your mailed statement. At this time, there is no monthly service fee for any client requiring a paper check. We encourage everyone to take advantage of the direct deposit offering, it is more reliable than any other method of getting you your funds.
When do I recieve my monthly reports?
Reports are emailed or mailed once the month is concluded, which is the last day of each month. Your monthly owner report package can be customized to suit your needs. They typically include a cash flow statement, and owners report. They can also include a copy of each work order as well as a copy of the actual invoice associated with that work order once it is paid.
What if there is not enough money in my account for a pending expense?
We may call and ask you to send funds if we anticipate a required repair will cost more then the funds available in your account. We cannot pay your bills from our company account, this would violate rules prohibiting co-mingling of funds. Remember, all bills are paid directly from the trust account so funds must be available for us to pay your bills.
What is a Clients Trust Account? Do you have more than one?
A clients trust account is managed for our clients using an accounting package specifically designed for property management. The money in your account is used to pay bills on your behalf for expenses incurred against your property. The actual money is kept in a bank account, currently at Heritage Bank. Your funds are in an account separate from the accounts used by The Benson Copmpany to run our business and pay operating expenses of The Benson Company. The process of separating your trust account funds from our company funds is in accordance with the guidelines set forth by the Oregon Real Estate Agency. Co-mingling of funds means we are not allowed to use your money to pay our bills and we cannot use our money to pay your bills.
We maintain two Clients Trust Accounts. Our main Clients Trust Account is for the purpose of collecting rents and paying bills on behalf of our owners. The other Clients Trust Account is called "Tenant Deposit Account". It is for the sole purpose of holding security deposits paid by tenants.
What bills do you pay from my trust account?
We pay bills from your trust account as allowed in your Management Agreement. Typical bills are from subcontractors who perform work on your home, lawn service and utility bills while a home is either rented or empty, HOA dues, and payment of fees to The Benson Company.