rental payments

Hi Tools…

I think that you’ll find that all rent monies collected by the agent will be paid to you after the agency has done their End Of Month Procedure. This usually occurs on the last day of the month… however, I’m sure that you could request a mid month run.(I used to do this for any landlord that requested this). This will depend on the agency I guess and as to how large their rent roll is as to how frequent they will offer landlord payments.

Even if the rent is due on the first, you most likely won’t see that money until the end of month run. Perhaps you could ask if they would kindly pay you fortnightly – they shouldn’t ask questions, it’s understandable that you want your money.

Hope this has helped!

Tam

Tools,
My PM receives the rent in the middle of the month, I receive it on the first of every month.
Less,of course,his fees.
Timtam and Thecrest are right.

bruham.[withstupid]

Different PMs have different regimes. Mine collects rent weekly, fortnightly or monthly depending on the arrangement he has negotiated with the tenant. I get paid on about 22nd of the month for all monies received up to 20th month. This is especially welcome in the months when I have to pay GST.

He seems to have no problems with the short time frame between rent received and payment to owners. Slow paying tenants don’t stay slow payers too long – they either catch up or are eased out at the end of the lease. Part of what I pay him is for ensuring good tenants who keep the properties clean and pay on time.