Weekly, fortnightly, or monthly - which do you prefer

[Skeetaboat]

Bit of a poll. Do you prefer having tenants pay rent weekly, fortnightly or monthly? And Do you make tenants pay in advance?

Our last IP tenants paid fortnighly and I can't remember if we made then keep payment in advance or not!

Interested to hear...

 

[Xenia]

Calendar monthly payments (different to just monthly) sway the rent slightly more in favour of the landlord over the course of a year. We prefer this method but use fortnightly payments when we have landlords or tenants that don't quiet understand the calculations.

Yes they MUST ALWAYS pay in advance!

 

[Jen_PFR]

We don't care if it's weekly or fortnightly, as long as it's 1) regular and 2) by direct debit into our account.

 

[RumpledElf]

Fortnightly, 2 weeks in advance, straight into my account.

I got the first two-and-a-bit weeks off them in cash, while the transfer was being set up and to line the payment dates up with their pension day.

 

[pennyk]

I think its best to adjust the rental payments to people's salary payments... ie if they are paid monthly, then have them pay rent monthly.

Pen

 

[skater]

I don't care, so long as I get paid.

 

[Ed Barton]

Bit of a poll. Do you prefer having tenants pay rent weekly, fortnightly or monthly? And Do you make tenants pay in advance?

Our last IP tenants paid fortnighly and I can't remember if we made then keep payment in advance or not!

Interested to hear...

match payment to tenants pay cycle, get in first. non conforming tenants don't mean not to pay, it's just that when the rent is due the pay's been spent.

 

[travelbug]

I prefer monthly. Easy to have a quick look atr my statements to make sure it's gone in.
But I think you need to be aware of your tenants circumstances. eg When my son first moved out he was on monthly but due to the fact that he couldn't think that far ahead he was always borrowing money from me come rent day. He asked if he could pay weekly and they OK'd it. When he left they said he was the best payer they had had in his unit. It was a run down studio in Darlinghurst.

 

[fernfurn]

Xenia why would mthly favour the landlord. dont tenants paying fortnightly just pay 2 weeks every 2 weeks. One of my rea charges forthnightly and I seriously cant figure out how she charges and then when I queried it, she said we are up for a 6 or 7 weekly cheque. Have to admit I wondered what was going on? Surely for fortnightly the pay by date would just keep shifting forward?

 

[Dazz]

Monthly in advance for all of the ressy stuff and most of the non-ressy stuff.

Some we have quarterly in advance. Works in well with the Bank bills.

One guy who isn't too bright and doesn't want to be bothered with trifling stuff like rent payments pays yearly in advance. He's loaded, but the opportunity cost of money concept escapes him. Lovely stuff.

 

[chasethesun]

Monthly in advance thankyou

 

[KateMelb]

Monthly in advance, adjusted to the 1st of the month so that all the rents neatly arrive on the same day (usually!). Have never had resistance from tenants to the adjustment.

 

[TheCamel]

doesn't bother me, so long as it's in advance.

tenant can also pay however he wants,as long as the pm deposits money to me via direct deposit.

 

[MichaelaS]

Fortnightly, and in advance. The reason being is that weekly is too much hassle for both parties, and monthly is too long to find out they are going to fall behind.

 

[ACTInvestor]

bit like Skater - Don't care as long as I get paid. The more often they pay, the lower my interest payments are. I try to line it up with their pay so there is alway money and no bounces from the direct debits.