We distribute your rental income the same month we collect it.
Some property management companies have what’s called a “holdover” period where they wait a preset amount of time before distributing rental income collected from your residents. We do not do that. We distribute your rental income the same month we collect it.
Even more specifically, we distribute rental income twice a month so you get more money, faster:
- We process payments a couple of business days following our rent grace period (the 1st-5th) so that payments hit your account on or around the 10th of the month.
- We process payments again on the last business day of the month (for rents that clear after the 9th) - if the last day of the month falls on a weekend or holiday, we will process payments the prior business day.
Depending on your bank and payment method, it could take up to 5 business days for that disbursement to post to your account; however, we typically see this happen much sooner.
Please note that all banks conduct standard anti-fraud procedures that can delay payment for up to 72hrs from new accounts. If you are expecting your first payment ever from Great Jones or a first payment after changing bank accounts, your distribution will likely take closer to 5 business days to post to your account.
Residents on a Great Jones lease always have rent due on the first of the month; however, in the event that you have switched to Great Jones with residents on a prior management company's lease terms, or in the event a resident is late on payment, we want to be able to deliver those payments to you same month, which is why we distribute income on the last day of the month.