What must property managers do when collecting rent payments?

Property managers have a responsibility to maintain transparency and accountability in their financial dealings, which includes the collection of rent payments. Keeping a detailed log is vital as it helps track payments, identify any late payments, and provides a clear history of financial transactions related to the property. This helps in financial management and can be essential for tax purposes or any disputes that may arise.

Providing receipts for all transactions is equally important, as it serves as proof of payment for tenants. This not only reassures tenants that their payments have been received but also protects property managers against potential claims or misunderstandings related to payment records. Receipts serve as documentation which can be useful in case of eviction proceedings or when disputes over payments occur.

By requiring property managers to engage in both practices, it ensures a comprehensive approach to managing finances, maintaining good relationships with tenants, and adhering to legal and professional standards in property management.