In this video, Garret Wong, the Founder and President of Upper Edge Property Management, speaks about payments that can, and cannot come out of the trust account. Click to visit #UpperEdgePropertyManagement for your #WinnipegPropertyManagement needs! Check out to see our available #WinnipegHomesforRent today.
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Upper Edge Property Management
B-106 Scurfield Blvd, Winnipeg, MB R3Y 1G4, Canada
Phone: +1 204-415-6200 Toll free: +1 844-415-6200
Many of our investors ask us if we can pay their mortgage payment, condo fee, property tax or insurance on their behalf, and while we are happy to make any payment for our investors, these 4 payments pose a particular problem.
Because we operate a rental property and all of it's income and expenses from a trust account, we cannot set up any kind of pre-authorized payments. A trust account is a shared pool of money where all of our investors money is in the same bank account. If we allow a pre-authorized payment, such as a mortgage payment to be withdrawn from the account but the resident is late paying their rent, the account ledger would be placed in a negative balance position, which is a violation of the Real Estate Act.
Therefore, because banks and most condo companies insist on pre-authorized payments, we suggest to our investors to have these payments coming out of the same bank account to which we are depositing their monthly rental income from the trust account.
Unlike most management companies that employ a single property manager to manage dozens of properties themselves, Upper Edge Property Management, a nationally recognized company, uses a dedicated customer service department to handle communication and small quick requests, with larger issues being escalated to dedicated departments of specially trained staff. Our Mission is to create great experiences for both tenants and owners resulting in long relationships based on empathy, good communication and trust. By being with us, you can only experience the most outstanding and professional service for your investment property in Winnipeg! Learn more about how we can make your Winnipeg property investment grow by visiting
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