Most Property Management Companies mail checks to Property Owners between the 10th and 15th of each month. APMPros will mail your rent roll check to you, if you choose, however most Owners prefer to have APMPros direct deposit into their own bank accounts. APMPros will cut a check in your name and deposit it into your bank account on or before the 15th of each month. By direct depositing your check, we are able to get your money to you faster. The monthly accounting statement is sent to all Owners by email within a day or so of deposits in most cases.
When a tenant moves in during the middle of the month, depending on the move in date, the Owner will be paid on the 15th of the month or the upcoming month.
- If the Tenant Pays deposit, 1st month’s rent and move in on or before the 10th of the month. The owner will be paid on or before the 15th of the move in month and the prorated rent will be paid on the 15th of upcoming month.
- If the Tenants Pay the deposit, 1st month’s rent, and moves in after the 10th of the month. The Owner will be paid the move in rent roll and prorated rent roll on or before the 15th of the upcoming month.
- If Rent is late and paid after the 5th and late fees are accessed, APMpros will pay all late fees recovered at the same time as the rent roll. If rent and late fees are paid after the 15th of the month, APMPros will cut Owner’s rent roll check ASAP and mail or deposit the same day.
- ** 100% of all late fees are paid to property Owners **
- If an owner receives a past due notice or bill after the new Tenants move in, APMPros will bill the tenant for the upcoming month. If the past due notice or bill is not resolved APMPros will post a notice to comply and recover all funds through legal action, if needed.
APMPros has an I Care Department responsible for all things related to accounting and its function. This Department can be reached at email@example.com
Deposits and 1st Month Rent Collection:
APMPros holds Landlord and Tenant funds in real estate trust accounts with HOMESTREET BANK in Seattle. All Applicants and Tenants are provided with the APMPros banking coordinates and instructed to deposit directly into the deposit only accounts through Auto Pay, Bill Payer, online transfers or they can stop at any HOMESTREET BANK branch to Direct Deposit cash or checks to pay Rent. APMPros makes it very easy for Tenants to pay rent on time. Rent is ALWAYS due on the 1st day of each month and is late on the 5th day of each month
*Monthly Rent Collecting *
Rent Collection is a lot more complicated than you might think. APMPros makes it easy for tenants to pay rent, the main ways tenants pay rent are by Direct Deposit, ACH/Wire Transfer, a check by mail, and in person at a local bank branch. Once rent is received, it needs to be processed / documented. Depending on the payment method chosen by a Tenant, all rents paid by check must clear the bank and accounts reconciliation; all take time to complete. Tenant rent payments are due on the 1st of each month and are considered late at 4:30am (when we get in to the office) on the 6th day of each month, if not paid.
APMPros has one check run per month for Property Owners, this check run is between the 10th and 15th of each month. The next day, owners’ checks are mailed or deposited in to owner’s accounts. APMPros goal is to have all owners paid between the 10th and 15th of each month, statements follow.
**APMPros does not retain any late fees due the Owner**