by real estate thinker | February 23rd, 2010
Did you know that most property management companies commingle operating funds? That’s when they take the money from your association or property and dump it into the same bank account with all the other associations and properties they manage. Wondering why they do it? Because it’s to the property management company’s benefit – not yours. They get the incentives and you don’t. It’s not their money, but they’re cashing in on it.
Of course, there’s nothing wrong with getting incentives from the bank. But the associations should see the benefits, not the property management company.
Ask your property manager whether they use a commingled fund. If they do, find out what benefits they’re getting and demand your fair share.
