I have to call them after getting my statement that shows tenant is 2 weeks late, they should call ME and let me know ...
Does your tenant have any rent in credit? It sounds like your PM is hopeless, but some owners do ring up and yell at me when they get their statements, because they don't understand what they're looking at.
Also when a lease is signed, it's usually general practice to ask tenants to pay 2 weeks rent in advance, is that right? But "The landlord must not ask for rent until the period covered by the previous payment is finished" so how does that all actually work?
Rent is almost always paid in advance when a tenant moves in. The tenant pays 2 weeks, then lives there 2 weeks, then pays 2 weeks etc. Most states do not allow you to demand that the tenant is 'continually 2 weeks in advance'. Action can only be taken against a tenant when they are in arrears. ie - you can't breach a tenant for being 1 week ahead instead of 2
Bond - this doesn't increase when rent is increased, so if you have a tenant who is in arrears, then leaves without paying outstanding rent and leaves the property in bad shape (ie carpet needs cleaning) then you'll always be out of pocket. LL insurance only covers outstanding rent AFTER the first 4 weeks. And carpet cleaning isn't covered as malicious damage. So you're ALWAYS out of pocket and I'm SO SICK of it!
In QLD we do top-up the bonds. There is a form that allows us to do this. As for malicious damage, any good PM would know to spend the bond money on non-insured components such as cleaning & gardens (which are never insurable) and then claiming any rent arrears on insurance.
If anyone has any advice that I can use to get my PM into shape, in terms of best practice - better to ask for rent every month, every 4 weeks or ....? And also remind me on the delays and length of time for processing a tenant in arrears, I would appreciate it.
I don't call my owners until the tenant is 7 days in arrears. Until that point, I can't do anything about it, and it only serves to freak out the landlord. I chase the tenant of course, but 90% of tenants in arrears will pay before they get 7 days behind, and the owner doesn't need to know. That's why they pay me.
Sorry that this reply is a bit overdue, I didn't really notice the post.
