Financial Responsibilities of Apartment Management Companies
1. Managing Budget:
The apartment manager must operate within the defined budget for the building. In certain unavoidable conditions, when the inhabitants and the property are in danger, they may use their judgment to order repairs or likewise without concern for the budget.
2. Maintaining Records:
The apartment management company is supposed to maintain all records including all income and expenses, move-in &move-out of tenants, list of all inspections, signed leases, maintenance requests, any complaints, records of repairs, costs of repairs, maintenance costs, a record of rent collection and insurance costs.
3. Responsible for Taxes:
The apartment owners can avail the assistance of the apartment property management to file taxes for the investment property.
For all your information about financial responsibilities, or anything pertaining to multi-family and apartment management, please contact our apartment property management experts or call us at 818-981-1802. We will be glad to help you!