Rent Payments & Accounting

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TENANT RENT PAYMENTS

Under Queensland Legislation, tenants are permitted to pay their rent as often as they like – as long as they do not fall behind.

Normally, tenants tend to pay weekly or fortnightly. A few pay monthly, but this is the exception.

Many property owners are given the misleading information that tenants can be made to stay one or two weeks in advance at all times. Some agents even write this into their lease agreements. Unfortunately, this is contracting out of the Act, and a lease with these conditions would not stand up in Court.

While we can REQUEST a tenant to pay fortnightly, or be two weeks in advance, the Legislation does NOT allow us to enforce this. In fact, the first legal step we can take is when the tenant’s rent becomes 7 clear days in arrears.

For more information on the Legislation surrounding rent payments, see ‘Links for Owners’ on this page and click on the link for the Residential Tenancies Authority.

 

RENT ARREARS MANAGEMENT

To protect your rental income, Solutions Property Management has a very strict and proactive policy on rent arrears.

If your tenant becomes 3-5 days behind in rent, we contact them by phone or SMS to alert them.

When they become 6-7 days in arrears, we send them an urgent email and the Property Manager attempts to contact them by phone. We advise them that they will be due for a Breach Notice if money is not paid immediately.

Once they are 7 clear days in arrears (ie on the 8th day), we issue a Notice to Remedy Breach (RTA Form 11), which is copied to you. At this stage, we advise the tenants that this is the first step in the eviction process and make sure they are fully aware of the implications of not prioritising their rent payments. We find this process works extremely effectively to help tenants get back on track, and it helps them to understand that we will not tolerate late rent payments. You are copied on all emails so you are aware of what is happening.

If the Breach is not remedied, we issue the tenants with a Notice to Leave (RTA Form 12), which is copied to you. Your Property Manager will then discuss with you the course of action that we will take to evict the tenant and find new tenants for your property.

 

WEEKLY DISBURSEMENTS

Our Owner clients enjoy disbursements (rental payments into their account) on a weekly basis. As a result, your rental funds are transferred sooner to you, rather than sitting in our trust account.

Every Wednesday, we perform a disbursement of all available funds into your nominated account. This means that any rent that has been paid and cleared over the past week, will be transferred to you.

Therefore, if your tenant pays on a weekly basis, you should receive rent once a week.

If your tenant chooses to pay fortnightly, you will receive funds fortnightly.

 

MONTHLY STATEMENTS

To keep your accounting simple, we send you your statements on a monthly basis – specifically, on the last Wednesday of the month.

This itemises all transactions that have taken place since the last statement.  All invoices paid during the month are attached to this statement.

Please click here to view your statement explained.

 

PAYMENT OF RATES AND WATER NOTICES

We can pay your Council and Water Rates bills for you out of your rental income. Simply fill out and sign the form below and send it back to our office. We will take care of it all from there.

Council & Water Rates Payment Authority (PDF)