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I have a signed agreement with my property management agent in Florida that month rent is due by 1st day of each month.
My tenant pays the rent to my agent (I assumed it's paid on time), and my agent pays then pays to me (by depositing into my bank account).
Situation is that my agent almost never paid me on time, many times, rent will be deposited after 10th of each month, and other times (4-5 times a year) I would have to send many emails to get my rent near the end of that month.
Clearly, she breaks the lease agreement, and she always finds some excuses and never paid any late fee.
How could I deal with such dishonest agent?
File a small claim lawsuit?
File a Complaint at state office where license is issued?
Okay, rent is due on the 1st and there is likely a grace period of a few days for a tenant.
How many properties does the company manage? For instance, we manage about 175 properties. There is no way that the bookkeepers can get 175 statements and checks out to owners within 3 or 4 days. Our contract states that statements go out every month no later than the 20th Usually they are in the mail (or bank deposit) around the 10th.
A few times a year there are extra duties for property managers - year end being one. Closing out a year is no small task. other times for us is when Hawaii state General Excise tax returns & payments are due - we prepare, file and pay GE tax for the majority of our owners. Add 30 vacation rentals and you have another tax to prepare and file.
so, my question is, what exactly is in your management agreement as far as when their statements go out?
And, what did the broker of this company say when you called to discuss the matter. If the statements have not arrived until nearly the end of the month what was the reason they gave you?
I have a signed agreement with my property management agent in Florida that month rent is due by 1st day of each month.
My tenant pays the rent to my agent (I assumed it's paid on time), and my agent pays then pays to me (by depositing into my bank account).
Situation is that my agent almost never paid me on time, many times, rent will be deposited after 10th of each month, and other times (4-5 times a year) I would have to send many emails to get my rent near the end of that month.
Clearly, she breaks the lease agreement, and she always finds some excuses and never paid any late fee.
How could I deal with such dishonest agent?
File a small claim lawsuit?
File a Complaint at state office where license is issued?
Please advice.
TIA.
Read and understand your property management agreement. If it addresses these concerns but the property manager is not doing them, then you should demand they begin doing so. Otherwise you could terminate your agreement because they failed to fullfill their contract requirements.
If your agreement does not address these concerns then you need to make it clear to your property manager that you are disatisfied and you would like them to improve in these areas, AND that expect them to be included in your next years agreement otherwise you will take your business elsewhere.
Yes, there is a 5-day grace period in lease agreement, but, let me emphasise it again:
It never paid on time, and it passed grace period every time, and many times it over dues by end of month.
She is a realtor agent, and I think property management is her side job, I do not know how many properties she manages.
But this really made me
I think all I can do is to charge for late fees and terminate the agreement.
Thank you KonaKat and CptnRn.
The most important piece of this is what does the contract/agreement you have with the property manager says about paying you? Just cause the lease is due on a certain date, just cause there is a grace period of X days, just cause you want the money on a cretain day and just cause you may need it to pay your bills by a certain date, doesn't mean you are entitled to the money on that date. Your agreement should have a timeframe for payment spelled out. That is their requiremnt and promise to you.
I have a signed agreement with my property management agent in Florida that month rent is due by 1st day of each month.
My tenant pays the rent to my agent (I assumed it's paid on time), and my agent pays then pays to me (by depositing into my bank account).
Situation is that my agent almost never paid me on time, many times, rent will be deposited after 10th of each month, and other times (4-5 times a year) I would have to send many emails to get my rent near the end of that month.
Clearly, she breaks the lease agreement, and she always finds some excuses and never paid any late fee.
How could I deal with such dishonest agent?
File a small claim lawsuit?
File a Complaint at state office where license is issued?
Please advice.
TIA.
Why not fire the PM? Lawsuit is stressful. By the way? What kind of license he has? Is he a license PM or real estate agent?
I would look at the whole bigger picture. Is the pm getting and or keeping your place rented? Is there another pm available to do this work? Are in the position to be there and take of the property yourself? Go above the pm and speak to someone in the company your concerns this could help possibly? Good luck to you.
We pay every owner the same day we receive the rent from the tenant. Owners can choose from different ways to receive that payment and bill pay is for free, but direct deposit comes with a fee and some want that and others want the free payment.
We have tenants who always pay early so these owners have the rent very early. If a tenant is paying late we always inform the owner. We don't pay the owners unless we have received the tenants payment and per the management agreement the late fees are fees for us since we serve them with late notices, etc.
I would suggest to end the management agreement with this realtor and hire a new one and preferable the brokerage office instead of an induvidual agent.
We pay every owner the same day we receive the rent from the tenant. Owners can choose from different ways to receive that payment and bill pay is for free, but direct deposit comes with a fee and some want that and others want the free payment.
We have tenants who always pay early so these owners have the rent very early. If a tenant is paying late we always inform the owner. We don't pay the owners unless we have received the tenants payment and per the management agreement the late fees are fees for us since we serve them with late notices, etc.
I would suggest to end the management agreement with this realtor and hire a new one and preferable the brokerage office instead of an induvidual agent.
I like the idea of hiring a brokerage office rather than an individual. We hired individuals and none worked out.
My rent is due on the 1st, late after the 5th. It takes several days for the PM to process the payment and get it in the bank. I usually don't see the money until the 12th or a day or so after.
I couldn't tell by your story if it's the renter that's late, or the PM?
As long as I receive money on a regular basis by the 15th, I'm happy.
If you aren't happy with your PM, get a new one, but have it in writing when you will receive payment, or the next one might be worse
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