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Thread: Bond handling

  1. #11
    Join Date
    Jun 2005
    Location
    Mt Maunganui, NEW ZEALAND
    Posts
    1,463

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    Hi Graeme,

    The property manager we used and others we have talked to seem to have rent paid fortnightly.
    This is a personal preference but I have all my tenants pay weekly. When I check my rents account, the payments all appear in the same order each week. Any missing payments stand out immediately.

    I was thinking of collecting bond + 2 weeks rent in advance. I might change this to 1 week + the number of days to bring up to the next Wednesday.
    Are you aware that you cannot charge any further rent until such time that the paid rent is used?

    I assume people give the tenant an AP form with amounts dates and bank account details already filled in?
    This is a good idea. It makes things easier for the tenant and gives fewer excuses for not getting the AP set up in time.

    Regards.

  2. #12

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    Quote Originally Posted by Marcus
    I was thinking of collecting bond + 2 weeks rent in advance. I might change this to 1 week + the number of days to bring up to the next Wednesday.
    Are you aware that you cannot charge any further rent until such time that the paid rent is used?
    Yes, that's why it's 1 week + a number of days to bring in to a two week cycle.

    I'm starting to warm to the idea of a weekly a/p. As you say it's easier to check as it's the same every week.

    It also means if a payment is only missed, it's a week and not two weeks they have to catch up, so it should be easier for the tenant to sort out.

  3. #13
    Join Date
    Jun 2005
    Location
    Mt Maunganui, NEW ZEALAND
    Posts
    1,463

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    Marcus wrote:

    I was thinking of collecting bond + 2 weeks rent in advance. I might change this to 1 week + the number of days to bring up to the next Wednesday.
    Are you aware that you cannot charge any further rent until such time that the paid rent is used?


    Yes, that's why it's 1 week + a number of days to bring in to a two week cycle.
    Ah good, was just checking. I have met one or two people that have thought it was a good idea to charge two weeks rent up front and demand the first weekly AP to start the following week. In effect keeping the tenant at least one week ahead in rent at point in time. This is of course a "no no".

    Regards.

  4. #14
    Join Date
    Feb 2004
    Location
    Newcastle-under-Lyme
    Posts
    3,066

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    One reason to keep tenantspaying on a two weekly basis is that most people are paid on a two weekly basis, this means that the tenant doesnt have to be able to manage their money and save half their pay to pay their rent again in a week.

    Whilst hopefully your tenants will have budgeting skills, not everyone does

    David

  5. #15

    Default [b]Tenant Stuff[/b]

    I have a number of properties and execise a number of options for tenants to pay rent. This is discussed initially when signing up tenants. I work around pay days. If they are paid weekly, rent is weekly. If pay is fortnighly so is the rent payment. One tenant even pays monthly in advance at his suggestion- cleared by Tenacy Services because this was his idea.

    Ideally we have two or three working adults living in the property and we have had hardly any problem with late payment of rents. We also carry out reference checks and ring employers to verify that they indeed work for the company they say they do. We can also glean how long they have worked there and if they are reliable employees.

    Some our best and most reliable tenants have been recent immigrants to NZ. I figure they have had to jump hoops to get around NZ Immigration and I also verify with their employers.

  6. #16
    Join Date
    Jun 2005
    Location
    Nelson NZ
    Posts
    3,863

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    Great idea fellows.
    Cash is always king but lots of my bond money comes in from WINZ.
    I am always happy to take any form of money. I am yet to figure out how to get money from plastic cards.
    I have found that top grade properties that I obviously only have top grade tenants in normally will pay the initial rent and bond by cheque.
    Not trusting them in the first instance with a cheque whilst trusting them with a $500,000 house does not make a lot of sense.

    The hardest issue that I face is transfer of bonds.
    I have a reasonable amount of trouble with previous landlords not signing off bonds for transfer. This happens even when / after I have asked them if there is any reason that they can see for making a claim against their departing tenants bonds.

    What do you fellow landlords do about this problem.

    Glenn


 

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