PM Not paying rental to us until tenants pay in full?

[Bandita]

Hi all,

We have a case of bad tenants (several notices to evict, but they always manage to pay by the deadline) - we thought they weren't paying at all for a month, but it turns out they are paying weekly installments - but the PM says they don't pay us until the tenant has paid in full for the month (it's the way their computer system works ) - is this normal or legit? Seems like they're holding our money to me....

We have other tenants (with other agents) who have been late or short-paid on occasion, and the agents have always passed the funds received through.

Has anyone else had the experience of the PM not putting through the rent until it's paid in full for the month? Should we be escalating this, or is it normal?

Thanks,
Jen

 

[craigb]

if their staff do the rental payments once a month and the monies are in a trust earning nil it seems feasable that they pay you and every one else at the same time , but if you went in and approached the rental manager i am sure they will cut you a cheque!
What does your PM do about late rent payments as a manager in any buss arn't they the responsible one. should it not fall on their heads?

 

[Nards]

Our PM pays our rental payment in once a month, or once a fortnight on request, regardless of when and how much the tenant has paid. So if the tenant has not paid the full rent for that month, they pay in what has been paid (minus their share of course ). When the tenant catches up, regardless of how and when they do it, we get our payment at the end of the month...so it seems to be the norm. We have never needed rent money mid month, or weekly or whatever, but if your tenant is far behind and you need the payment early, why not just ask your PM if they can make an early payment.

Nadia

 

[alplant]

We have tenants who pay weekly. They got a week behind in the rent and are making it up in two half week payments. The PM's computer programme is perfectly able to handle that and we got the part payment. The statement reads like this ..

Rent 11 Sep 2008 to 17 Sep 2008 .........................$300
Rent 18 Sep 2008 to 18 Sep 2008 (credit $150)....... $150
Rent 18 Sep 2008 to 24 Sep 2008 (credit $150)....... $300


We have the rent paid into our account at the end of the month and that make up payment was in with the rest at that time. The statement is more or less saying that they are only paid up until the 24th but are half a week in credit. When they pay the other half (along with the week owing at that time) I guess that credit amount will be nil, and the dates will show two weeks rent.

I read your post as that you weren't being paid any of the make up rent until the full amount has been paid. If so, that seems wrong to me.

 

[Nards]

I read your post as that you weren't being paid any of the make up rent until the full amount has been paid. If so, that seems wrong to me.

Hmm, yes I see what you mean...if that's the case we also get paid whatever the tenant pays, even if it is not the full amount. Also if the tenant pays in an extra amount (ie a couple weeks in advance) for whatever reason, we also get that included in our monthly statement.

Nadia

 

[travelbug]

You should get what the tenant has paid. Our tenants got into the habit of paying on the 1st (instead of by the 30th). The agent transfers money o the 30th. So we didn't get our money. I rang and asked where it was and was told it was late so we'd get it next month. NNNOOO!!

I said I want it now. He said if I really needed it he could see if the accountant could do it for us. Yes- I said I needed it. Why should the money sit in their account for another month.

He made sure he chased up the tenants to pay on time after that.

 

[Jason Rose]

Every state is different.

Check your agreement you have with your agent.

This will usually stipulate how regularly they are to disperse funds to you.

They should pay you the funds that they are holding for you.

We are just upgrading our property management software and will have the ability to pay owners 3 days after cleared funds are received or what ever payment frequency our owners would like. After all the money is in the trust account, we do not earn any money out of it, so the quicker that you are the owner have the funds the better in our opinion.

 

[jasper]

Look, go the direct route, tell your agent if she can't get it together and pay you part payment or whatever then you will find and agent who will. It is not your fault that the tenants are not paying monthly. So let them know you want your MONEY!