How do rent payments work?

Existing Leases: If we are taking over an existing lease, we will adhere to its terms regarding due dates and late fees until it is renewed. Once a lease renewal is signed, we will transition it to our standard due date and late fee policy.
Owner Payments: Unlike many property management companies that process payments only on certain days, we issue owner payments three times a month—on the 15th, 23rd, and 30th. However, funds must clear the bank before we can transfer them to you. If a tenant pays by check, clearance can take five or more days. Once processed, it typically takes 1–3 business days for funds to reach your account. Owners may request expedited payments for a $5 fee, provided the funds have cleared.
Advance Rent Payments: If a tenant pays rent in advance, we are legally required to hold those funds in escrow until the rent is due. This ensures compliance with state law, as tenants have the right to request a refund of prepaid rent until the due date.
First Month’s Charges: When a new tenant moves in, the charges for the first month (including management fees and other applicable costs) will be paid from the rent. There is no need for an owner contribution unless we reach out to you directly. Even if a statement suggests depositing funds to bring your account balance to zero, please wait for explicit instructions from us before making any deposits.
Non-Payment Procedures: If a tenant has not paid rent by the 5th of the month, we issue a Notice to Pay Rent or Quit, which is the first step in the eviction process should the rent remain unpaid the following month.
Late Fees: All our leases follow a standard late fee structure: a $50 late fee applies after the 2nd of the month, with an additional $10 per day thereafter. These fees are never waived under any circumstances—including owner requests—unless the delay was due to an error on our part. This ensures fair and consistent treatment for all tenants and helps protect against potential fair housing violations.
Owner Portal Access: You have 24/7 access to a live ledger through your Owner Portal at aloepm.rentvine.com/portals/owner. Here, you can monitor payments, view paid and unpaid bills, and track financials for individual properties if you own multiple units. If you ever need an updated statement, just let us know. More details on portal access can be found here.
Monthly Owner Statements: Statements are sent between the 30th and 31st of each month to provide a complete record of that month’s activity. Additionally, we’ve included a short video tutorial in this email to help you navigate your online portal and access statements, bills, and more: Watch the Video.