We collect rent 1st -6th of the month. We attempt to collect any late rent on the 7th.
We then disburse funds to vendors, and owners on the 15th day of each month.
If any of these falls on a holiday or weekend, we issue funds on the next business day.
We do not disburse funds on weekends and holidays. We do NOT issue owner payments unless there are sufficient funds in the owner’s account. It is vital to accurately post rents, pay vendors, and disburse funds for your account. Therefore, it is vital that we adhere to this schedule to ensure servicing every owner’s account correctly.
We distribute owner funds via ACH direct deposit into an owner’s bank account; We sends monthly statements after disbursement. The processing period is REQUIRED for the checks to clear. We cannot send any payments out unless funds are available. The longest part of any check processing service is waiting for confirmation that the funds are indeed available and that they have transferred to your account. This can take anywhere from 2-5 business days, with the actual transfer and confirmation coming on the final day. In rare cases, the transfer of funds could take a little longer than five days. This happens if there is a holiday involving one of those days, particularly if it is around Christmas, which is one of the busiest times of year for any type of transaction. Our policy is we deposit all payments the day received so the checks have ample time to clear. As long as your tenant pays on time you receive your owner payment between the 15th and 18th of the month.
Priority of Funds: Rents and charges collected from tenants shall be disbursed in the following order of priority:
a. Broker fees
b. Reimbursement of Broker for out-of-pocket expenses.
c. Payment to vendors or affiliates
d. Reserve account replenish
e. Balance to Owner