How Do We Handle Owner Payments?
One of our policies at Orange Realty Group is owner payments will arrive to the owner in their bank accounts between the 15th and 18th of each month. This system flows in a very specific way.
We expect tenants to pay their rent on time each month, which means they’ll pay on the first of the month. In Nevada, we are required to give them a grace period when it comes to rental payments. So, assuming they do pay on the first, we must wait for the payment to settle. When they pay us rent electronically, that payment still has to settle, just like a written check or a hard copy check would have to clear. Once it settles into our account, we track it using our property management software system, called Appfolio.
Once we have the money settled and tracked in our accounts, we forward rent to the property owner. We send that payment with an emailed statement that you get every month. We also allow a little time to receive and pay against expenses to the 15th of the month. Usually any expenses we pay after this time can still be paid with owner reserve. The bottom line is that when our tenants pay on time, we can pay our owners no later than the 15th of the month, depending on holidays and business days, and then it hits the owner’s account between the 16th and the 18th. It’s something that can be counted on every month.
In addition to the rental payment, you can also expect to receive your emailed statement at around the same time. This statement explains all your rental income for that period, as well as any expenses that occurred on your property. It’s a great way to keep owners organized and to help them understand the amount of money they are receiving from their tenants every month. We email your monthly statements and an end-of-year statement.
If you have any questions, or are interested in learning more about our property management services, please contact us at Orange Realty Group. We’d be very happy to talk with you.