We collect the rent, deposit it in a designated bank account they have for client monies, pay all expenses you have authorized them to, and then issue you the balance by a certain date every month (on or about the 10th is customary). If rents do not cover expenses in a certain month for some reason, then the owner is required to submit more funds, or some PM’s require reserve levels to be maintained.
Collecting rent online streamlines the rent collection process for both landlords and tenants. Tenants can schedule and automate payments, and landlords receive those payments directly in their bank account. Both landlords and tenants can see when a payment has been scheduled and deposited, and both parties have access to payment receipts and records.
Traditionally, rent is collected once a month, on the first of the month. You can set any due date that you want, but to make it easy for your tenants to remember, it’s best to collect rent on the first.
You can also collect rent on a different frequency if that works for you and your tenants. For example, some landlords choose to collect rent on a semi-monthly basis, or every two weeks. This can sometimes be helpful to your tenants, but keep in mind, the most common rent payment schedule is once a month on the first of the month.