I am looking for an offsite manager/supervisor to manage 2 stabilized 99% occupied properties that I own and possible a 3rd property. These properties bring in a very hefty amount of money and all tenants pay by money order. We have always hired an on site property manager but they didnt have the sophistication level I am now looking for (these are lower income areas). I know the argument of having offsite managers but we currently have a system where it will work for us with on site maintenace guys living on the property. This works out fine for us. BTW, I live out of state and I made it a point to post the “supervisor” phone # in the office and all bills, so tenants can always access me.
My question and concern is I am looking for a stabilized person to supervise all of our properties in this area and to trust one individual with all these money orders at any given time is a bit nerve racking for me. Lets say rental income is close to 6 figures each month . Has anyone had a manager steal a hefty amount from them? I am hiring them as an independent contractor is there any type of bond they can purchase to insure any major theft doesnt happen. Im not worried about having a few hundred stolen, I am worried about 60 or 70k. I have heavily secured the office
location (burglar bars, cameras, security system, etc). I have setup a strict routine via emails, sending of bank receipts via text and my verification by online banking. Any other route or ways to “trust the process”. I do a thorough background check of no criminal background. Any other suggestions?