NARPM Radio Balancing Risk and Control: Financial Strategies for Property Managers
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Jun 18, 2025 In this engaging talk, Mohamed Hussein, CEO of Balanced Asset Solutions, shares his expertise in financial strategies for property managers. He discusses the importance of preventing overdrafts and managing large expenses effectively. Mohamed highlights the risks and rewards of internal controls like positive pay and emphasizes the need for specialized software to ensure financial integrity. He also provides practical tips for maintaining cash flow during evictions and tackling complex accounting challenges, blending insightful advice with personal anecdotes.
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Pay Market-Based CEO Salary
- Pay yourself a market-based salary for the position, not distributions based on profits.
- Underpaying yourself undervalues your work and the business's true worth.
Use Purpose-Built Accounting Software
- Use property management accounting software, not QuickBooks, to separate funds properly.
- Property-specific software includes tenant, building, and trust compliance features essential for accurate management.
Avoid Excessive Owner Bank Accounts
- Don't open a separate bank account for every owner to avoid excessive reconciliations.
- Instead, ensure proper process and controls to prevent commingling and overdrafts in shared accounts.
