As part of our ongoing continuous improvement goals, we’re working on improving our payout timing to our owners.
Monthly Payouts:
Beginning with September Payouts, we will be working towards an earlier payout for owners. Instead of expecting your payout ON the 20th, we will be experimenting with different ways to complete closing the books earlier AND finding faster payment choices to send money to you. This means that over the next few months, as we try different options, you will see some variation as to when the payment reaches you. However, we WILL promise that payments will not be any later than the 20th. Our goal is that by the end of year, we will be able to define a new target date, much earlier than the 20th.
Mid-cycle Invoices:
Because this is a balance of objectives, you may see a few other changes along the way. The closing of our books and creation of payouts is often delayed by late invoices from vendors, or holidays that close banks and delay access to the tools we need. With this is mind, we may delay the billing of some items to the following month. The downside to this is that it may require an increase to our working capital. For small routine items, this will not be an issue, but for larger items, such as HVAC replacements or new cabinets and flooring (just examples) we may need to add a mid-cycle invoice to you to cover that expense. If that is required, we will certainly let you know about it up front. As always, for those items you’re also welcome to pay the service providers directly (we do not mark up any of those items to you).
Snowbird Payouts:
We will also be looking into the option of partial payouts for snowbirds (stays longer than 45 days). Stay tuned for more information on that as the winter months approach.
Balance Due Payments:
For owners that find themselves with a balance due to Premium Beach Condos in a given month, those payments will still process on the 20th of the month. That will give you plenty of time to review your statement and arrange for funds. This normally happens if major changes are made during the off season when expenses for new furniture, etc may exceed the rental income for the month. If many of these major expenses are paid directly by you, then you may not see this situation occur.
As always, if you have any questions or concerns, please don’t hestitate to reach out to us directly.
Jenny – (937) 790-2292
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