What is the Sim Property “Reserve fund” for property management clients?

For all of the properties Sim Property (SIM) manages on behalf of our clients we retain an amount of money, which we call the Reserve fund. This money is the clients money, just held by SIM.

All monies SIM holds ABOVE the reserve fund balance is transferred to the Owner on a monthly basis.

The reason SIM holds a reserve fund is that it allows us to continuing paying bills on the Owners behalf should the tenant either not pay the rent or be late with the rent, it also allows us to deal with maintenance items quickly and efficiently.

This is especially useful for foreign clients as they may need to transfer money from abroad (incurring transfer fees and is time consuming) to cover any urgent bills.

The reserve fund is advantageous for both parties. For the Owner is means they don’t have to transfer small amounts to SIM on a potentially regular basis for small costs and for SIM it means much more efficient handling of bills and maintenance without the need to track if we’ve received enough money for small payments and have to constantly request, check and chase the necessary funds.

The reserve fund is per property, not per Owner.

The reserve fund is clearly accounted for on SIM’s online system, available 24/7/365 for all our property management clients.