How Do Landlords Receive Rent Payments?

One of the big advantages of letting your property through a reputable agency is the fact that you get to sit back, relax, and leave the rent collection to the experts. Leasing without an agent leaves you open to messy financial disputes, and can prove very time consuming when keeping track of rental payments. This is particularly true if you have more than one property. Going through a reputable agent will ensure your rent money is processed in a timely and fuss-free fashion.

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As per legislation, all rental payments are held in a trust account, which is regularly audited for additional peace of mind. The trust acts as holding bay for rent, and depending on your additional commitments, you can organise for the incoming rent to cover council rates, insurance and property repairs or maintenance.

This arrangement is aimed at saving busy landlords time, and provides a straightforward record of how your rental money is being allocated. Having a simplified system is invaluable come tax time, as it makes it really simple to calculate your property’s incomings and outgoings over the financial year.

To comply with legislative requirements, the trust account has its contents processed within the first 5 days of every month. This ensures all owners have rent money in their account within two business days, every single month. Taking the guesswork out of money movement.