Are property management companies supposed to pay vendors after they receive payment for an invoice, or at the next payment cycle?
In today's fast-paced world, everyone is starting to expect lightning fast communication, service, and by corollary, payment.
At Keybox, we confirm with our residents that the work was completed to their satisfaction, and we make sure we pay vendors as quickly as possible.
In this way they know that we are on top of our role just as we expect them to be there for us, our properties, and our residents.
The timing of when property management companies pay vendors can vary based on several factors, including contractual agreements, company policies, and industry practices. Here are two common scenarios:
It's advisable for vendors to clarify payment terms and schedules with the property management company beforehand to ensure a clear understanding of when payments will be made. Additionally, adhering to agreed-upon payment terms helps foster trust and reliability between the property management company and its vendors.
Paying people promptly is crucial for several reasons, and it extends beyond just fulfilling a financial obligation. Here are some key reasons why it's important to pay individuals promptly: