How long should it take for my PM to remit rent payment

Question

So I have been working with a property management company for about a year now. They generally do a good job managing my property, but I do have a couple concerns. One is that they typically remit the rent from my single family house around the 13th-16th of the month. But the tenant does not pay late. Is this long of a delay normal, or should make a fuss about it?

Craig Bellot · Answer

As long as it doesn’t take more than 30 days you shouldn’t be worried.

After 30 days? Start looking for a new manager.

We usually process within 30 days in Bridgeport, Connecticut.

Kim Meredith Hampton · Answer

@Aaron Brown we too process between the 10-15th of each month, and then again around the 20th for any late payers or late move ins.

In Florida, the law doesn't not allow us to process owner proceeds until they become available from the bank. Even though they may pay on time, most of the time the rent isn't available immediately.

Be patient, and pay your mortgage one month ahead

Aaron Jones · Answer

Thanks for the quick responses everyone. Glad I asked here first.

Marc Cunningham · Answer

@Aaron Jones check the management agreement you signed with the property management company as that should detail the time frame they have to remit your funds each month. We try and pay our owners on the 10th of each month (depending on how the weekend falls), but that is a pretty tight time frame. So if they are getting you funds the 13th to 16th, although it may be an inconvenience to you, I would not view that as a big cause for concern.

Tracy Streich · Answer

That is actually pretty quick. Our owner payday is the 20th and I know many PMs that pay it on the last day of the month. It is not easy to process owner payments one at a time. Much easier to do it all in one batch of payments. That is why they delay. They are not only paying you as an owner but paying all the owners in their management portfolio.

How long should it take for my PM to remit rent payment

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