Lower rents collected after increase

[starbright]

Hi there,

Must be a spat of bad runs for me lately.

Can someone please advise what I can do in this situation?

My PM agreed with the tenant for a rent increase of $5pw from 23/2/11 and I received the new lease agreement.

Looking at my monthly rental statement in May, I noticed this has not occured, for a period of 10 weeks now. The PM tells me:

Yes the tenants still seem to be only paying $300 per week even after they signed and returned the lease renewal including a letter to them stating that they must start paying $305. I spoke with the tenant and he assures me that he will start paying the $305pw.

This sounds like the PM has no intention of backdating the rent so I will lose out on $500? Is this the tenant's fault or the PM's? I would have thought it would be up to the PM to change their computer system so that it deducts $5 more each week. If the tenant refuses to backpay, is there any way I could get it from the PM/agent?

thanks

starbright

 

[Xenia]

payments are made by the tenant not the PM. They cannot change their computers to include a payment of $5 more, the tenant needs to do that.

The property managers need to hold the tenant accountable to back pay from the date they signed for the increase to start.

You cannot hold PMs responsible for tenants paying the wrong rent or defaulting, their job is to chase it up not pay it.

 

[bluestorm]

Firstly, buy a calculator. $5pw * 10weeks, = $50, not $500.

Don't know why you spoke with the tenant. Shouldn't the PM be doing that (that's what you pay them fees for). The rent receipts should show that the tenant is $50 short. As it's a fraction of a weeks rent, it's not something the agent will necessary follow up on, but the tenant shoudl start paying $305. Your PM can also go back to the tenants and mention that the increase was effective 23/02, and they are $50 short.

 

[starbright]

Oops silly me

I actually feel better now. No I didn't speak to the tenant, that was the PM.

Thanks