FAQ: How does the Property Owner pay Wolverine Property Management?

Here is a simple version of the monthly process:

1. Manager collects the rent from the tenants
2. Manager deposits the rent into the Owner Account
3. 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)
4. Manager creates a detailed list of this month’s receipts (rent, parking, laundry, etc.)
5. Manager creates a detailed accounting of this month’s Manager fee
6. Manager creates a detailed list of last month’s expense payments
7. Manager subtracts last month’s expenses and subtracts this month’s Manager fee from this month’s receipts.
8. The balance amount equals the Property Owner’s portion
9. Manager electronically transfers Property Owner’s portion to the Property Owner’s private bank account. (By the 25th of each month)
10. 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