Service
Rent and accounts
How often
Every month
Fee
Included in the management fee
Included
Rent collected on the 1st
Late notices and payment plans
Owner payment on the 5th
One statement per building
Security deposits held in escrow
Rent is due on the 1st. On the 2nd we know who has not paid, and on the 3rd we have spoken to them. Most late rent is a problem of timing, and a payment plan agreed early is cheaper for everyone than a court date.
What you see
On the 5th you receive one statement per building: rent in, costs out, and the transfer to your account. Deposits are held in a separate escrow account and never mixed with operating money.
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