I have a unit which is managed by a real estate agent. Until recently everything was fine. A month ago our tenant missed the rent pay date by a few days. The real estate agent wouldnt release this money to us because they said it wasn't paid by due date so the computers couldnt transfer this money to us until next rental cycle. Are they allowed to do this? Can i demand my rent be paid to me regardless of whether it is a few days or a week late?
Read your managing agent agreement. It will state when moneys will be transferred to your account. If there is no money on the transfer date, it will transfer $0 to your account. They have done the job that you have requested them to do.
However, push the issue with the agent ie the mortgage is overdue, tenant will be evicted because you can't pay mortgage & they will lose their managing agent agreement. They might see it differently.
Our PM remits payments twice monthly, once on the 15th and again at the end of the month. It was one of the reasons we chose them.
MargTime to change managing agents i think!!
9ball
I think it is time for a new PM if this continues!! I have a feeling though that one less property for a real estate agent is peanuts to them since they are only taking a small percentage of the monthly rent
You must be logged in to reply to this topic. If you don't have an account, you can register here.
