Payments on the 19th?

Payments on the 19th?

We are often queried why Empire makes owner payments on or before the 19th of the month. We understand the importance of getting your money to you as quickly as we can. However, there are several factors leading to our timeline:

• Rents are due on the 1st and late on the 5th of the month.

• We serve 72hr Notices on the 8th and the vast majority of rents are paid by this time.

• Checks paid on or before the 8th can and do bounce as late as the 15th. We see this every month. Modern banking is great, but according to Melody Prutsman, a branch manger at Key Bank, procedures have been put in place in many banks that send bounced checks back through the system a second time. This takes time and thus we often receive notices of Non-Sufficient Funds as late as the 15th of the month.

• The rest is simple. It takes us a few days to get all the Receivables and Payables in order to insure as accurate a set of books as we can provide.

Hope this helps relieve some of the mystery.