We take handling your money seriously and want to make sure you understand the process we employ to collect and pay out rent funds in a timely manner. Below is a "readers digest" version of our process for ensuring timely payment of your available rent funds.
When a new management agreement is established, RSB creates an account for you and your property. We recognize the importance of accurately collecting and disbursing funds. The bookkeeping program used by our accounting team is specialized software designed to handle the many facets of property management and accurate record keeping, and complies with the requirements of the Georgia Real Estate Commission.
The first month’s rent is paid to RSB as a tenant procurement fee. For the remainder of the lease, we receive a monthly management fee and the owner receives the balance of the rent, less any expenses paid on the owner’s behalf, usually for repairs.
We require a full month’s rent be paid at tenant move-in, regardless of the day of the month the lease begins. If the lease begins on a day other than the first day of the month, the pro-rated rent for the first month is paid in the second month.
Rent and security deposit for a home are $2000 each. The lease begins on September 16. The security deposit is held in the RSB security deposit trust account until tenant move-out, at which time the deposit will be paid out in accordance with the laws of Georgia. Since the lease begins mid-month, the rent for September is pro-rated by the day; in this case, the pro-rated rent is $1000. We require a full month’s rent of $2000 be paid at move-in for the month of September and the pro-rated rent of $1000 be paid for the month of October. From November through the end of the lease the rent will be $2000 paid on the first. In this example, let us assume that the dishwasher fails a few days after move-in and has to be replaced at a cost of $375.
September 16: $2000 is received and paid to RSB as a tenant procurement fee.
Payment to owner for the month of September: $0 (zero).
October 1: $1000 is received for the month. $100 payment is made to RSB for our monthly management fee. $375 was spent in September to replace the dishwasher. The repair is reimbursed with October’s rent. Expenses for October are $375 for the dishwasher and $100 for the management fee, a total of $475.
Payment to owner for the month of October: $525.