Rent payment methods differ from agency to agency. Some managers collect rent from tenants via personal checks and pay owners via checks as well. Some agencies utilize electronic payments for either or both transactions.
Lindsay Leasing – Rent Payment
Lindsay Leasing collects rent via electronic payments and pays you via electronic deposit ensuring you get funded in the least amount of time. On average you can expect to receive funds in your bank account within 4-5 business days after rent is paid.
Snail Mail and Paper Checks
When tenants mail rent payment checks, you can expect to wait up to two weeks or more to receive your money. First, the management company has to receive, deposit, and have cleared funds before issuing you a check. Check runs occur twice monthly, usually on the 10th, 15th or 20th. If a particular rental payment has not been deposited with cleared funds when check runs occur, you may have to wait until the following check run. Once the check is mailed to you it may be another week before the check arrives. Then you have to take it to the bank, deposit it, and wait for cleared funds. This whole process gets very drawn out if you live outside the United States or are traveling extensively.
Lindsay Leasing utilizes electronic banking. This ensures that you get paid in a timely manner month in and month out. We are not waiting for checks to be mailed, deposited, and cleared. Nor are you waiting for checks to be printed, mailed, deposited, and cleared. Depending on the time the rent is due (1st or 15th) your monthly proceeds will be electronically deposited directly to your bank account each month within 4-5 business days after the rent is paid. Our payment processing systems send you an email every month informing you when your payment was processed and when the funds will be deposited. It’s kind of like having a personal assistant working behind the scenes for you.