Hi all,
I'm new to the IP world, and have been renting out my first house for about 8 months. I have a PM that I chose based on others recommendations. The rate is a little higher than others in the area (8%+GST, SE Melbourne) but based on the personal recommendations I decided to go with them.
I'm still with my first tenants, they have been fine (or rather, I haven't received any information saying otherwise). I get paid fortnightly. Twice now the payment hasn't come through on the correct date - when emailing them, I have received responses that suggest they didn't realise, and that they'll contact the tenant and sort it out. The first time was just a mistake on the tenants part, the second time just happened, but I presume it was the same thing.
What I'm more concerned about is the fact that the PM didn't seem to realise that the payment is late, and that they would chase it up now that I had mentioned it. Is this common practice? We're only talking a few days, just I'm trying to be on top of it, as I've read about how quickly late payments can turn into a problem. Also, the PM has said that (providing payment comes through), I will be paid when they next do payments (which is once a week). Again, is this common practice?
Because I have no experience at this, I just wanted to check if a few days is nothing - should I expect the PM to contact me if the tenant is 1 day/5 days/1 week etc late? I should point out that the tenant IS 2 weeks ahead in rent, as this is how the PM has all their tenants.
I'm new to the IP world, and have been renting out my first house for about 8 months. I have a PM that I chose based on others recommendations. The rate is a little higher than others in the area (8%+GST, SE Melbourne) but based on the personal recommendations I decided to go with them.
I'm still with my first tenants, they have been fine (or rather, I haven't received any information saying otherwise). I get paid fortnightly. Twice now the payment hasn't come through on the correct date - when emailing them, I have received responses that suggest they didn't realise, and that they'll contact the tenant and sort it out. The first time was just a mistake on the tenants part, the second time just happened, but I presume it was the same thing.
What I'm more concerned about is the fact that the PM didn't seem to realise that the payment is late, and that they would chase it up now that I had mentioned it. Is this common practice? We're only talking a few days, just I'm trying to be on top of it, as I've read about how quickly late payments can turn into a problem. Also, the PM has said that (providing payment comes through), I will be paid when they next do payments (which is once a week). Again, is this common practice?
Because I have no experience at this, I just wanted to check if a few days is nothing - should I expect the PM to contact me if the tenant is 1 day/5 days/1 week etc late? I should point out that the tenant IS 2 weeks ahead in rent, as this is how the PM has all their tenants.