In the state of Idaho property managers are not required to keep security deposits, keep separate accounts or even keep a separate business account. In order to protect tenants and rental owners (and help us all sleep better at night), Jacob Grant uses industry best practice standards. This is beyond the requirements of the state.
- A separate account for operating funds such as rent collected.
- A separate account for tenant security deposits.
- Two-level monthly reconciliation verifies account balances and that those balances match security deposit liabilities.
- Jacob Grant carries a Fidelity Bond, which is an insurance policy that protects you from the risk of employee theft.
There have been several local and state level stories in which property managers or companies mismanage funds. The problem is not typically theft. The problem is typically mishandled or co-mingled funds. The common thread is that the property manager is able to hide the loss by covering it with other assets. Avoid becoming a victim by knowing how your funds are held and what practices are being done to protect funds related to your rental property.
The accounting for your rental property should be clear and transparent. Accounting provides feedback on your business operation. With transparent accounting you get quick feedback on decisions so you can make adjustments accordingly. Thorough accounting means better management of your rental business.
Our accounting system includes:
Clear, easy to understand record of income and expense to your property dispersed monthly
Copy of invoice for all completed work orders.
Access to an owners portal to view accounting
1099 at the end of the year for tax purposes
We have built our business to manage your rental business more efficiently!