When do I get my rent money each month?
Grow Property Management offers tenants a multitude of payments options, including the ability to pay by: ACH, Credit Card or even Cash through convenience stores like 7-11 (to date this has never happened). Tenants can set up several rent reminders and are encouraged to have their rents paid automatically through their bank accounts each month.
Once a tenant makes a rental payment the rental funds must clear a tenant's bank account before we can begin disbursing funds. It usually takes five business days for such clearance.
But there are other factors that affect how soon a property management company can disburse rental funds to a property owner:
- The City of Philadelphia requires we give tenants a grace period of days before we consider their rental payment late. Virtually all of our tenants pay their rents on the due date, but occasionally we have had tenants that didn't consider their rent late until this grace period is over. Though we do have systems in place to encourage them otherwise.
- It would surprise most owners to know how few of our tenants actually pay their rents late. This is because of the extensive pre-screening Grow Property Management does on each tenant. We also take steps to encourage tenants to pay their rents on time. But it does happen and this creates a delay.
- Non Sufficient Funds (NSF) creates the greatest delay in our ability to disburse owner funds. It is fairly rare for a tenant to make a rental payment, that doesn't clear their bank; but it does happen. While it's not a monthly occurrence, that Grow Property Management sees, it is a yearly occurrence. When this occurs, a payment needs to process to the bank, the bank needs to process this as a NSF, then they need to notify us. Unfortunately this can take several business days.
As a property management company, we need to know each one of the properties we manage has cleared the above hurdles, including a possible NSF as that us a non-payment we won't know about for several days.
Given the above hurdles, we have set our Owner Rental Disbursements to be sent out on the 15th of the month.
Owner Disbursements are paid directly into your bank account by ACH deposit. This saves you the task of having to go to your bank to deposit a rental check each month and is also the fastest way for your rent funds to clear. Most property owner's banks make the funds available instantly on the first business day it's deposited. Some banks might delay a certain number of days, per their policies. But that isn't common.
Your Monthly Owner Statement will then be generated to post to your Owner Portal, where you can access it, with your past Monthly Owner Statements and other important documents relating to your investment property.
The Monthly Owner Statement details the financial activity on your property for that month. Items like repairs and rent increases will be detailed here.
These Statements generally post within two days after Owner Disbursements are paid, to accurately reflect received rents.