So, what’s next on the list?
Can I Keep My Own Bank Account (for the property the management company is to oversee)?
Another great question! And certainly, a prudent consideration for any commercial real estate investor.
In fact, if you’re like many of today’s shopping center landlords, one, or both, of the following scenarios probably sounds familiar…
1. Partnership Selected Bank
You own a shopping center in partnership with several parties, and the group has collectively agreed to process all property finances through a specific bank.
2. Lender Designated Bank
You financed the purchase of your shopping center, and the lender requires that all property finances be processed through a specific bank (usually the institution making the purchase loan).
Well, the good news is in either case, CBM can accommodate your situation!
Now, just to clarify our typical process…
When taking on a new property management account, we open a property trust account through our preferred bank.
We Use a Preferred Banking Vendor For Several Reasons…
== > We have a long-standing relationship with our bank and hold tens of millions of dollars in deposits with the bank, which entitles us to individualized attention and preferential treatment.
== > After so many years in partnership with our bank, we’re well versed in their procedures. And they’re similarly acquainted with our processes. This ensures transactions run smoothly, with no surprises, or unexpected bumps in the road.
But Using Our Vendor is Purely OPTIONAL
With all of the above said, however, holding a property trust account with our bank is merely an option. Not a requirement.
We can, and often do, work with many landlords to accommodate trust accounts at any bank.
Our lead accountant will interface with bank administers and establish our depositing and payment processing in accordance with that institution’s protocols. And given that we process tenant rent and CAM payments via ClickPay.com (an online automated payment portal), our accountant will ensure this payment portal integrates seamlessly with a landlord’s bank of choice.
For More Information on CBM’s Property Management Services…
Visit our Services page at cbm1.com/services