Trusting an offsite manager, owner is out of state

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?

Thanks!

If it concerns you, have them mail the money orders to a P.O. Box that you control, and deliver them yourself to your book keeper to be deposited. I’ve used this system many times in the past, and it is not that hard to train the tenants to mail them in.

Franke, is there any particular payment method you prefer? Money orders delivered to manager, money orders mailed to you, or having the tenants make their payments at a bank branch?