Rental Payments to Owner
Just an update or perhaps clarification on how soon you, as an owner, will receive your rent payment.
At Crager-Bartels our process is to pay ten days after we receive money from the current tenant. Understand that while many tenants are scheduled to pay on the 1st, some are the 3rd, 4th, 5th, 10th, 15th, etc… This of course changes when you receive your funds as well.
The reason for the 10 day turn around is for processing on our end as well as confirmation that all checks clear as they should. Other management companies in town may hold 30 days or 30+10 for processing time, while we strive to get you your funds asap.
There are times when a tenant pays late to us which will also change the date we transfer the money to you. Understand though that we do no accept this as common practice from the tenant in question and we have protocols in place to handle this properly.
Finally, one other item that may affect payment to you would be holidays where the American banking system is shut down which will add 1-2 days transaction time depending on the holiday and which day of the week it falls.
Bottom line, we are here to support you. If you have any questions give us a call.