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How Landlords Get Paid When Using Meer & Company Property Management in Denver

Web Admin - Tuesday, January 30, 2018
Rent is collected around the first of the month, and there’s a process that dictates how rental property owners are paid at Meer & Company. We’re sharing that with you today, so you can know what to expect and when you’ll have your income.

Managing Vendor Bills

During the course of the month, we have vendor bills to pay, whether it’s a plumber or a handyman. With 150 or so properties that we manage, we get eight or 10 vendor repair requests on a daily basis. Something somewhere is not working properly. It could be a faucet, garbage disposal, toilet, torn screen, or a sliding glass door that doesn’t lock. Those come in by email and when they come in, they are immediately sent to our vendor, who responds directly to the tenant, generally by email. By virtue of the contract, our vendor has a spending limit of $350. So if the repair is under that amount, they do the work and send us an invoice. This eliminates the need for estimates and extra time. During the course of the month, those bills are paid on behalf of our owners.

Owner Distributions and Statements

The owner distribution occurs on the 25th of each month. That money excludes payment for our services and any vendor bills. There are no more written reports and checks in today’s world. We send the report via email. It’s in the cloud, which our clients can access at any time. All owner funds are sent by ACH, so we don’t have to worry about any problems with the postal service. In all these years, there have only been three times when I have missed getting the money out on the 25th. So, we’re serious about making sure our clients get their money, as promised by our contract. The missed deadlines resulted in the money going out by the 27th or the 28th. These things were due to an illness with my bookkeeper or some other kind of computer problem. We quickly resolved it, and have improved our processes to make sure it doesn’t happen regularly.

If you have any questions about how to make money with rental property, or you’d like to hear more about property management in Denver, please contact us at Meer & Company.

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Meer & Company, Inc.
4545 East Colfax Avenue
Denver, CO 80220

Phone: 303.322.1550
Fax: 303.322.1583