Rentals in Pleasant Hill>Question Details

Paolo659, Renter in Pleasant Hill, CA

Is it normal to write the deposit and monthly Checks directly to the Agent when renting a new property? The agent does not own the property.

Asked by Paolo659, Pleasant Hill, CA Sun Mar 6, 2011

Agent does not own property.
Located in California.

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Answers

3
Bob Georgiou’s answer
Paolo659,

Writing checks to the broker is real old scool stuff but some companies still do that. Many times more reputable companies setup individual property trust accounts which are more secure, in the name of a specific properties. If the agent representing that the money will be palced into a trust account the state has strong rules and regulations how those accounts are managed. Do some reaonable homework to protect yourself and ask a lot fo questions about who the agent is representing and how the agent is handling the cash.
0 votes Thank Flag Link Mon Mar 7, 2011
Paolo to do property management you need to be a liscenced agent working at a brokerage that does property management and run everything under the brokerage. There are many people currently that are renting homes with a property manager because they do not want to deal with the day to day issues of being a landlord.
This may or may not be on the up and up you would need to check on the brokerage and contact the broker or manager if you have questions.
0 votes Thank Flag Link Mon Mar 7, 2011
Paolo,
I can't say for certain, but it is reasonable to ask the question. If the agent is a Broker, with a trust account it may make sense. If they are not, the funds should be made out to either the owner or licensed property manager.
If you have doubts, check to ensure the person you are working with is a licensed agent. If they are, ask for an explanation. If that sounds fishy look up the responsible broker for the office the agent is working out of and clear this with them.
I can imagine scenarios where it may be okay, but I can also imagine more where it's not.
0 votes Thank Flag Link Sun Mar 6, 2011
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