Resident placement fees are taken out of the first rent collected.
Resident placement fees are taken out of the first rent collected when Great Jones places a qualified resident, and they submit their first payment. This means that your first month of rental income with a new resident placed by Great Jones will be lower than subsequent months of rental income.
In some instances, you may have put down a leasing deposit, and that amount is used to pay a portion of the placement fee once a resident has been placed.
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