When it Comes to Embezzlement, Property Management is Risky Business:
Attached is an article that ran in the Idaho Business Review earlier this week. For the most part, I agree with much of what is said. Is there an epidemic of embezzling going on; I don't think so. Is there a lot of "rob Peter to pay Paul"; I think so. I think licensing of property managers in Idaho would help, but I know licensing won't completely solve this issue. Most states do require licensing of their property managers and although theft of other people’s money still happens, it’s just happens a lot less frequent in those states that require licensing. Why your money is safe with First Rate Property Management… 1. First Rate Property Management is one of three Certified Residential Management Companies in all of Idaho. The certification required policy and procedures, as well as an audit demonstrating how we assure our owner (Client) and tenant (Customer) funds are reconciled.
2. We utilize property management software that uses a double entry system. a. Unlike Quick books, we can't just go in and edit bills, checks, and ledgers to make them do what we want. There is no delete or edit. We either do it right the first time, or have to go in and enter an offsetting charge. The system is not very flexible, which keeps us from doing some things that we'd like, but evidently it’s protecting us from ourselves. b. Our system has security levels that deny employee access to ar
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