Asked & Answered: Common questions about your portfolio's transactions
We want you to have maximum visibility into your rental portfolio’s income and expenses. That is why we deliver to you a Monthly Statement via email and 24/7, online access to an Owner Portal with all of your portfolio’s financial transactions.
For a complete walk-through of our Financial Statement, click here to watch a guided video.
Read on for answers to common questions about financial information regarding your rental portfolio.
When will I receive my income?We distribute your rental income the same month we collect it. Click here for more detail.
Why is my rent being collected after the 1st of the month?
This depends on whether or not your resident is on a Great Jones lease or a prior management company's lease. Click here for more detail.
What are Undeposited Funds?You may see this line item on your monthly statements. Click here for more detail.
Why don’t I receive late fees when my residents pay late?Great Jones collects a late fee from your residents when they pay their rent after the grace period to cover the hard costs associated with collections. Click here for more detail.
Why haven’t I received my Monthly Rental Income for all of my properties?This is typically due to open payables or late rent. Click here for more detail.
How are prorated rents collected when my Resident moves in mid-month?A full month of rent is due upon Move-In and applied to your Statement. The following month, the prorated rent will be applied to your statement. Click here for more detail.
What are Maintenance Chargebacks?Maintenance Chargebacks indicate that you have been reimbursed for Resident-caused damage. Click here for more detail.
What are Move-Out Chargebacks?Move-Out Chargebacks indicate that you have been reimbursed for Resident-caused damage discovered at Move-Out. Click here for more detail.
Expenses & Invoice Questions
What is Conservice?Conservice enables faster turn time and automated prorated utility billing. Click here for more detail.
Why do I still get charged for Conservice if my home is occupied?Payment will initially come out of the account balance available on the Property. The same payment will be reimbursed by the Resident upon their rent payment due date. Click here for more detail.
Why was I charged for a maintenance item without being asked to accept the quote?Great Jones requests approval for maintenance quotes when the amount exceeds the Owner's "Not to Exceed" threshold specified during Onboarding. Click here for more detail.
How are monthly management fees calculated?We only charge management fees on rental income. Click here for more detail.
How are resident placement fees calculated?Resident placement fees are taken out of the first rent collected. Click here for more detail.
When are resident renewal fees charged?
Renewal fees are charged whenever Great Jones renews your Residents' lease. Click here for more detail.
How does a turn scope budget affect my expenses?Typically, Owners make a contribution to their Great Jones account for an approved turn budget. These get held as a reserve until all invoices for the turn have been paid. Click here for more detail.
Other Transactions Questions
Why do you request Owner Contributions?Typically, we request contributions for an approved turn budget that is greater than your monthly rent. Click here for more detail.
What kinds of Owner Contributions can be made?Owners can make several types of contributions to cover upcoming expenses for their portfolio. Click here for more detail.
Why doesn’t my Owner Distribution match my Monthly Rental Income?Typically, this is due to open payables on one of your properties that needs to be fulfilled or multiple Owner accounts where payment needs to be distributed. Click here for more detail.
How do Owner Distributions get paid out when there are multiple Owners to pay?
Income to multiple Owners is distributed based on the percent ownership that you defined during your Onboarding with Great Jones. Click here for more detail.
What is Prepaid Rent?
These are unearned rents that have been made on your Property and will become earned upon the rent due date. Click here for more detail.
Why doesn’t Prepaid Rent show up in my Owner Distribution?
Prepaid rent is not considered earned until that rent is due. Only earned rent can be distributed. Click here for more detail.
Cash Requirements Questions
Why are there reserves on my account?
Reserves are not held without your express approval for a large expense not covered by your rental income or expected invoices for an approved turn budget. Click here for more detail.
Why are security deposits being held and what happens to them after the lease ends?
Security deposits are held to cover Resident-caused damage discovered at lease-end after a Resident has vacated your property. Click here for more detail.
What is a Surety Bond and why do you offer it in place of a Security Deposit?
A Surety Bond has the same exact function as a Security Deposit, only it comes with a few unique benefits to Residents and Owners. Click here for more detail.
How does a Surety Bond affect my held Security Deposits?
The total amount in Security Deposits for your property will be listed as $0 on your Monthly Statement and Owner Portal. Click here for more detail.