damar
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Post by damar on Sept 13, 2016 9:20:08 GMT
I agree that this is unacceptable, and have told them so, I have been chasing for an update, but none as yet, I have tried email and website chat.
I am also keen that we know the name of the agent, and the intended agent name is shown on any future properties, so the we can make an informed decision.
I will post updates when I get any.
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damar
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Post by damar on Sept 9, 2016 7:04:21 GMT
Hi all,
I have been given some more information on this, this was my answer as to why we are paid a month in arrears:
To answer your query on some of the late payments, I agree, this is unacceptable. We did indeed, put rent day back to one month in arrears to avoid this situation occurring but unfortunately, one management agent has let us down last month due to his reason of 'Summer holidays' and basically the other staff not having enough knowledge to help us with problems and rent in his absence. Although this is frustrating, the good news is that the tenant's are paying rent so it isn't a none payment but a late payment - nonetheless, the lack of consistency is frustrating.
We have finally been able to pin down the agent on the problems this week and he has shown remorse and attention to the properties so we will review the agent over the next month to see how it goes, and hopefully it will be successful, but if not, will of course review and change the arrangements.
He is due to send all overdue rents early next week so I will confirm with you then whether that rent will be paid out next week or rolled over to the September rent day. Once again, apologies for any inconvenience caused as I appreciated it doesn't help our investors gain confidence but we are hopeful that this will be an extremely rare and non-repeat event.
I have chased this up again, and asked about the possibility of changing agent, I rent property personally and i have never had an agent withheld rent due to a holiday.
I have also asked if the name of the gent be known, and the intended letting agent be shown on any new property, as I am sure some of us will not want to invest on a a property that is going to managed by an agent that has a history of unprofessional behaviour.
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damar
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Post by damar on Sept 2, 2016 14:53:45 GMT
yes its one of them, and I understand that the rent is late, my point is, that they state :
We process rental accounts on more than 40 properties, and the rent for these comes in near the end of the month. In order to responsibly manage the entities, around 90 minutes is spent on each, so we cannot consistently pay out rent on the last working day of the month because there isn't enough time in the day!
We also want to ensure consistency across monthly returns and by holding one month's rent on account, if for any reason rent is received late on a property in the future, we will have these funds there ready to pay out.
and then they don't.
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damar
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Post by damar on Sept 2, 2016 13:02:35 GMT
But this is my point, they say that they pay a month in areas so they can pay on time, and then they say they haven't received it, so they can't pay.
Its a contradiction.
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damar
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Posts: 110
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Post by damar on Sept 2, 2016 11:46:43 GMT
Hi,
dividends were paid late last month, because of a software issue, two of mine however have still not shown up because the payment to them was late.
They state that they hold one months rent in hand, so that they can always pay on time, I have contacted them to ask if they could explain, the contradiction, but i have had no answer. This is what they say
We process rental accounts on more than 40 properties, and the rent for these comes in near the end of the month. In order to responsibly manage the entities, around 90 minutes is spent on each, so we cannot consistently pay out rent on the last working day of the month because there isn't enough time in the day!
We also want to ensure consistency across monthly returns and by holding one month's rent on account, if for any reason rent is received late on a property in the future, we will have these funds there ready to pay out.
And now the rent is late they say this.
Rent from the management agent is yet to arrive. We are currently liaising to ensure rent is collected efficiently for payment. The rent will be distributed as soon as we are in receipt.
Have any of you guys had the same experience, or any comments.
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