Property Management Blog

How Do Our Phoenix Landlords Get Paid? Owner Distributions

System - Wednesday, October 4, 2017

One of the most frequently asked questions that we get here at Valentine is when and how do I get my monthly rents?

Cash flow is of course one of the main reasons for owning rentals properties and therefore we understand that receiving your rents in a timely manner is very important. Here at Valentine we issue Owner distributions on the 15th of every month (unless the 15th falls on a weekend day or a holiday), in which case they will be issued on the following business day. The amount you receive is calculated based on rents received minus sales tax, outstanding payables, reserve and management fees.

As to the how, we offer 3 options:

1. Direct Deposit: This is the most popular method amongst our Owners. It is fast, reliable and available in your account within 72 business hours. If you opt for this method, simply fill in your banking info, tax id/social and driver’s license info on your New Owner Info sheet that is given to you upon signing with Valentine.

2. Physical Bank Deposit: If you bank with a local Phoenix bank, then we can physically deposit your check into your account within 24 hours of the check being issued. We just need the bank name, name on the account and the account number. Once deposited, the receipt will be placed in your management file.

3. Snail Mail: This is the least popular method of payment. We do not recommend this method because once it leaves our office we have no control over it’s safe arrival or the timeliness. However, several of our existing customers use this method and we have had very few instances where they did not receive their check.

It is worth mentioning that Valentine Sales & Management does not retain your tenant’s refundable security deposits. We choose to give our Owners these funds upon move in so they may opt to do with them as they please. However, upon move out, we will retain the necessary amount to be refunded from your current balance. We will notify you when this occurs.
Post a Comment


Trackback Link