Customized Services for Property Managers
Additional Services for Property Managers
At Sterling, we donít expect you to change the way that you do business, instead, we adapt to meet your needs and do everything that we can to help your business thrive. Sterling National Bank's Property Management solutions are designed to satisfy your everyday banking needs, as well as offer you advanced cash management tools that can increase your efficiency, maximize your cash flow and take your business to the next level. Our Cash Management Consultants customize our Property Management Solutions to suit the unique challenges of your business.
We process over 75,000 items a month for property managers and are confident that our state-of-the-art product line and exceptional personal service will be of great benefit to your company. We have many successful years of experience working with Property Managers and trust that you will also realize the advantages of partnering with a strong, local, community bank.
At Sterling National Bank, one size does not fit all, especially when it comes to our Lockbox services. We recognize that every business has its own needs and requirements, and we work hard to accommodate those needs. As a result, we currently process payments for some of the most well-respected property managers throughout the metropolitan area.
Our special Lockbox services:
- Offer flexible options
- Facilitate collection, deposit and record-keeping for monthly receivables
- Provide daily processing reports, check images and payment files
Click here for additional information about our Lockbox.
Tenant Security Accounts
Sterling National Bank works closely with managing agents and landlords to help maintain Tenant Security Accounts and comply with tenant security laws and regulations. Tenant Security Accounts are accounts for the managing agent in the name of the tenant. With as few as 10 Tenant Security Accounts, managing agents can participate in this efficient and effective program, and each account earns interest at competitive rates. Managing agents receive monthly reports for all accounts and for each property, listing the tenantís name, security deposit amount, and the amount of interest earned. In addition, Sterling National Bank will deduct the 1% administrative fee managing agents are entitled to under New York State law from the interest earned on the account and credit the managing agent account.
The benefits of a Sterling Tenant Security Account include:
- Streamlined recording, maintenance and update of tenant deposits
- Individual tenant tracking
- Transaction and deposit activity reports for both the Managing agent and each tenant account
- Issuance of all appropriate tax forms, including 1099s
- Annual or quarterly statements provided to each tenant
- Compliance with specific state laws
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For additional information about the benefits Sterling National Bank's specialized services for property managers, please contact the Financial Center nearest you.