Does PURE Property Management of Texas Require An Expense Reserve?
PURE Property Management of Texas requires each client to maintain a balance of $300.00 per unit for properties with four units and over and $500 for each single-family unit (please note depending on the age of your property, we may ask for a bit less). These funds are deposited in the property’s trust account for expenses associated with the management of the property. Why do we need these funds? Because we distribute your funds to you on the 23rd of the month, there is approximately 10 to 15 days (while we wait for the next month’s rent to come in) that we need to make sure that “if” something happens such as a toilet overflow, we will need to pay a vendor to take care of things. All client funds are held in a Trust Account in strict compliance with the Texas Real Estate Commission Escrow Laws. We can put a plan in place to build up your reserve accounts over a specified period of time in order to alleviate the need for these funds right away.