Rental payment deposits

[Steve Tse]

I have a new PM and wonder if its typical to the management to deposit tenant monthly rental payments on the 10th of the month instead of at very start of each month ? I find it a bit strange to get the checks that late in month, what do you think ?

[Richard F.]

Quote from @Nathan Gesner:

Quote from @Steve Tse:

I have a new PM and wonder if its typical to the management to deposit tenant monthly rental payments on the 10th of the month instead of at very start of each month ? I find it a bit strange to get the checks that late in month, what do you think ?

 This is normal. The manager has to collect the rent, then pay any bills on your behalf, then prepare your monthly statement and make the payment. Keep in mind the tenant may not pay exactly on the first day of the month, which causes delays. Your PM should explain this in the PM agreement or on their website or something.

 And NOT just from your property...they have many other Clients and may be collecting payments from hundreds of tenants. They likely also are paying dozens of vendors for repairs, as well as utility bills across numerous properties. It takes time to work them through the accounting process to ensure proper credit is noted.