Financial Management & Reporting
Our goal is to make owners feel confident in how the money is being handled from their rental property. We've set up several checks and balances to ensure this happens every time.
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Rent collection procedures
With every property, we establish complete rent collection procedures. Tenants use our online portal service to process payments. If a tenant is late on a payment by one business day, our policy is to apply a late fee to their balance. Having a routine set of expectations helps us deliver consistent cash flow into our owners' bank accounts.
Escrow account
We create and maintain two owner's Escrow Accounts. These are bank accounts that are separate from all other operational and personal funds of our business. The first holds the deposit, and the second holds any collected rents, maintenance reserves, and other income that is due to you as an owner. We act as a fiduciary of these accounts and manage these funds with the highest level of care. The state of Florida requires that we use strict monthly reporting methods, which they can review at any time.
Paying out funds
The entire goal of renting your property is to get paid while keeping the property well-maintained. We immediately send the owner rental funds (EFT) when a rent payment is processed. We maintain excess funds in our rental accounts to prevent insufficient funds to the owner if a tenant's check or EFT bounces. This keeps a consistent cash flow into your bank account and provides peace of mind.
When will I get paid?
Our leasing policies state that tenants are required to pay rent on the first day of every month. We have a track record with our owners paid by the seventh day of the month.
Financial reporting
Every year, we provided a full report of income and expenses involved with your rental property. The goal with this is to provide you or your accountant with full information to transfer to the appropriate IRS form. Having the income and expenses from us in one place makes taking care of IRS Schedule E a breeze.
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The Team
Our Property Management team is led by Michael Gregg and Rob Brooks. Together, they lean on extensive professional experience in real estate sales, property management, and investment properties. Michael has a background in law enforcement, business administration, and healthcare emergency management. He has served on several committees within the Emerald Coast Association of Realtors (ECAR). Rob is the founder and owner of Rob Brooks Realty and has been licensed since 1994. He carries CRB, CRS, SRS, CRETS, RENE, and GRI certifications.
Start a conversation with our team
Let us help you think through the best strategy for your property. Get in contact with our property management team today.