How are resident placement fees calculated?
Resident placement fees are taken out of the first rent collected.
Resident placement fees are taken out of the first rent collected when Great Jones places a qualified resident, and they submit their first payment. This means that your first month of rental income with a new resident placed by Great Jones will be lower than subsequent months of rental income.
In some instances, you may have put down a leasing deposit, and that amount is used to pay a portion of the placement fee once a resident has been placed.