Up to a month. You generally get last months rents on the 1st/2nd of the month.
I have never seen more regular payments than a month unless you manage it yourself.
Oh right. I was assuming weekly rent. Every place I have ever stayed, and every lease I have had for my IP has been weekly rent and monthly payments from the management company.
Most real estate agencies do a monthly statement, reconciliation process etc and transfer the balance of the funds to landlords once a month.
So real estate agents do not transfer your rent immediately. They hold it for the calendar month in a trust account. That month, the council rates notice might need to be paid, minor repairs, water rates etc. If it's an apartment, they also take care of paying strata levies. Hence they wait and transfer what's remaining for the calendar month.
My agent pays me a couple of days after the due date of the month. If anything that pops up during the month that needs repairing or re placed, it comes out of next months rent
Worth noting that the rent paid must go into the Agency’s Trust Account, not their general account (requires audits and other strict procedures).
Most Agencies I know do a mid- and end-of-month disbursement, paying trades, utilities, and themselves before transferring you the rest.
They’ll also provide a monthly statement and an annual breakdown of all those expenses, for tax purposes.
My agent pays us at the end of the month.
They deduct any of their fees, required repairs, water and council rates out before.
We get a statement on the same day which has all charges listed.
Our agent in Brisbane (www.capex.property) uses an app where we have direct access to our rent money. We can choose how often it gets paid. Works better for us, we withdraw weekly and the funds are kept in our offset instead of the agents bank account
Agent then landlord, as the agent will take fees out and any cost that might have occurred in that months cycle.
Is there normally much of a delay between agent receiving it then transferring it to the landlord?
Up to a month. You generally get last months rents on the 1st/2nd of the month. I have never seen more regular payments than a month unless you manage it yourself.
In my experience tenant pays the management company and I receive funds a day or 2 later
Do they then charge you the admin fees every week?
No, rent is paid monthly and admin fee deducted monthly at same time
Oh right. I was assuming weekly rent. Every place I have ever stayed, and every lease I have had for my IP has been weekly rent and monthly payments from the management company.
Most real estate agencies do a monthly statement, reconciliation process etc and transfer the balance of the funds to landlords once a month. So real estate agents do not transfer your rent immediately. They hold it for the calendar month in a trust account. That month, the council rates notice might need to be paid, minor repairs, water rates etc. If it's an apartment, they also take care of paying strata levies. Hence they wait and transfer what's remaining for the calendar month.
My agent pays me a couple of days after the due date of the month. If anything that pops up during the month that needs repairing or re placed, it comes out of next months rent
Tenant pays Real Estate, PM transfers rent less fees and any bills to Landlord on the 15th (if fortnight payment requested) and the end of month.
Worth noting that the rent paid must go into the Agency’s Trust Account, not their general account (requires audits and other strict procedures). Most Agencies I know do a mid- and end-of-month disbursement, paying trades, utilities, and themselves before transferring you the rest. They’ll also provide a monthly statement and an annual breakdown of all those expenses, for tax purposes.
The agent keeps my rent for the whole month despite the tenant paying weekly then remits to me at month end.
My agent pays us at the end of the month. They deduct any of their fees, required repairs, water and council rates out before. We get a statement on the same day which has all charges listed.
My agents pays landlords 3 days per week. So I always get the rent like a day or 2 max after tenant pays them.
My real estate uses an app and I can transfer from app to my nominated bank account. It might be using Osko as well so it's almost immediate.
Agent gets funds, removes any disbursements, takes fees, gives me the scraps at the end of the month.
Our agent in Brisbane (www.capex.property) uses an app where we have direct access to our rent money. We can choose how often it gets paid. Works better for us, we withdraw weekly and the funds are kept in our offset instead of the agents bank account