Rents have reached an all-time high, and budgets seem tighter than ever....

Rents have reached an all-time high, and budgets seem tighter than ever. Payments to vendors like myself are being delayed, with many clients taking 60-90 days to pay. This makes it challenging to run a business and pay employees. Is anyone else facing this issue?

Robert Hoop "Our" company values our vendors. We are required to pay our invoices in a timely manner. Often times, vendors receive payment within 2 weeks. We are not permitted to pay invoices late. If a bill is paid late, our accounting department wants to know why the invoice was not submitted for payment. We expect our residents to pay rent on time. Why should our vendors expect anything less from us?

David Carchidi We have some clients/management companies with balances we’ve been trying to collect for over 300 days. Over $350k still owed (and most everyone knows who owes and won’t work with any longer!) They owe A LOT of vendors A LOT of money! But they still promote how great they are and have company retreats and club trips🙄🙄🙄

Guest Insider We love,respect and need our vendors! when we need something they are there for us bc they know we got them!

Nicholas Clayton What frikin company / ownership isn’t paying vendors?????????? What in the world?! The only time I ever remember delays like this was during the height of COVID. Really unacceptable. Most payments are received from me net 30 or possibly net 60 in very weird / unusual situations.

Donna Langford Nicholas Clayton unfortunately several, and I am a cleaning company with 42 employees We clean their clubhouses and their units to make sure they're ready for new residents to move.It's a shame that I have units that I have cleaned and residents have moved in four months ago at some properties and still have not been paid for the cleans.

Gerry Hunt Yes ~~ I am facing the same issues. I am still waiting for some payments from June. It hurts! 😞

Guest Insider Ya might need to find a different company- sounds like this company isn’t being managed correctly

Guest Insider Have not experienced this yet, we pay our vendors on time.

Chad Christian Welcome to 2024! This is becoming the norm. Not much anyone can do about it. Taxes and insurance alone has increased higher than the rents are.

Allie Gartside If it’s a large scale management company, reach out to corporate. Provide them your invoices, receipts of communication with property manager and regional manager.
If you still don’t get paid, do not return to the property until you are paid in full.
I’ve seen many negligent PMs and even RMs, who are not on it. Contact the highest person in charge that you can.

Miles Scruggs Good vendors are typically in short supply. That sort of behavior is completely disrespectful. It’s a version of taking a loan from you without asking. Just move along to other management companies if they are treating you this way. Unless you want it to continue.

Mike Powers I feel for small shops. I can really understand why any require 50% upfront on projects, goods, etc.

Guest Insider Most properties are fee managed and those properties sometimes have owners that won’t release the money to pay bills. In that situation there is nothing the management company can really do. Lots of movement with owners right now changing to different management companies. I’m also hearing some companies are in financial trouble. Definitely a sad situation for vendors. I would definitely call accounting for that management company and just ask them if the owner is not releasing funds or what’s happening.

Guest Insider My company is amazing and we pay so quickly. They make my job so much easier.

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