FAQ: How does the Property Owner pay Wolverine Property Management?
Here is a simple version of the monthly process:
- Manager collects the rent from the tenants
- Manager deposits the rent into the Owner Account
- Manager starts to pay this month’s approved invoices and expenses out of the Owner Account (this will likely go on all month as required)
- Manager creates a detailed list of this month’s receipts (rent, parking, laundry, etc.)
- Manager creates a detailed accounting of this month’s Manager fee
- Manager creates a detailed list of last month’s expense payments
- Manager subtracts last month’s expenses and subtracts this month’s Manager fee from this month’s receipts.
- The balance amount equals the Property Owner’s portion
- Manager electronically transfers Property Owner’s portion to the Property Owner’s private bank account. (By the 25th of each month)
- Manager emails to Property Owner the following detailed reports: (by the 25th of each month)
- This month’s receipts
- This month’s Manager Fee
- Last month’s expenses
- A copy of each of last month’s invoices that were paid on behalf of the Property Owner