Monfort, who spoke with Commissioner Rob Manfred on Thursday and wasn't given a timetable for a decision, said he was unsure whether the public relations aspect or a possible fan backlash would play a part in any future decisions he'd make about Reyes.
Reyes was suspended with pay under the sport's new domestic abuse policy just before the start of spring training for an alleged incident with his wife at a Maui resort hotel on Oct. 31.
"I'd like to know exactly what happened," Monfort said. "It's easy for us all to speculate on what happened. But really, until you really know, it's hard. You're dealing with a guy's life, too. But if he did something wrong, he should pay for it."
Reyes was scheduled to go on trial last Monday after pleading not guilty to abusing a family or household member. However, prosecutors decided to drop the charge after saying Reyes' wife wasn't cooperating with the investigation.
A four-time All-Star acquired along with three pitching prospects from Toronto in the Troy Tulowitzki trade last summer, the 32-year-old Reyes started accruing his $22 million salary Sunday, the day the MLB season opened.
If the discipline becomes an unpaid suspension, he has the right to count his time served toward the penalty, but must repay any salary he received during the paid suspension.
Manfred suspended Reyes just before the shortstop was to report to spring training, and in his absence, rookie Trevor Story won the starting job and then had a historic start to his career. He became the first player in major league history to homer in his first three games.
Manfred has said he expects to make a decision soon on Reyes.
"The No. 1 thing they're trying to do is be fair. They want to be fair to everybody," Monfort said. "And that means to all of our fans -- all of us who have a little bit of a problem with whatever happened. But you've got to be fair and they want to do it right."
There is some speculation that the Rockies might decide to cut ties with Reyes altogether rather than allow him back on the team if baseball's investigation determines he assaulted his wife.
It would be costly for the Rockies to rid themselves of Reyes, who is due $22 million this year and next and has a $4 million buyout in 2018.