Christmas cheer or pay the rent?

Apparently from Terri Scheer Insurance there is a 26% rise in claims for rental defaults over the Christmas period.
Depending on your policy this could leave you under financial stress as well.

So how is everyone tracking at this time of year?

I had a couple of tenants who had started to fall behind and the PM's promptly sent out breach notices. Thankfully they are now up to date but it always seems to happen at this time of year or late January as the Christmas cheer becomes a big financial headache.

Another tenant likes to to back to China this time of year and more often than not forgets to pay the rent for a couple of weeks.

What are your experiences?

 

I love that I can bump up my nightly rates on my short term rentals over the new years period! Covers Christmas gifts for the nieces and nephews and it's money for us to go away on a holiday over the period.

 

All positive so far - touch wood.

The only dramas I ever had was years ago when self managing. Now all are being looked after by an awesome PM and I don't hear a thing.

Cheers

Jamie

 

Why pay rent until it's 2 weeks late? Christmas, Festival of Lights, gnome circumcision day, new years, etc - enjoy the holidays and Lessor be damned better yet go away for a week so that it's harder to serve notice.

 

Thank goodness I've never had problems with receiving rent payments over the Christmas period

 

Tenants are all paid in advance, as usual. I wonder whether there's a way you could ask your PM to talk to them (nicely) about getting in advance so that they can relax around this time of year. If they start in Feb with an extra week or half a week every month, they should be ok. It would be like a Christmas club.
I know you look after your tenants but you do have to be firm about win/win strategies.

 

I think the fact many management agencies shut up shop until the week after new year gives some tenants a feeeling they can do as they please as well.

 

I had a new tenant move into a vacant IP on Christmas Eve. 2 weeks in advance takes us into Jan. I don't get the feeling she will be a bad payer in any case

 

Is it Christmas in Perth?

 

It sure is when you find a tenant for a 3x1 after 2 days in a small suburb with 26 3x1s on the market for rent and it takes up to 5 months to find a tenant for a 3x1

 

Good news, up to 5 months for a tenant, that's a really bad rental market. 6 weeks is about the longest we have waited and that was in Rockhampton about 12 months ago. A few applications but they were very dodgy, the sort of tenants who should stick to signing up with unaware suckers, I mean landlords on Gumtree.

 

No issues so far but settled on a place on the 23rd Dec and really annoying as there are some weeks of no rental income.

 

The tenants of one of my IPs paid a further 2 weeks in advance to ensure they didn't spend it I'll hold on to them as long as I can.

 

And if you're really lucky will cop a full years land tax liability - you'd miss it if you settled 9 days later.

 

One tenant paid on time but $250 short. Not sure if a mistake or wanting to change the day rental is due. Waiting for PM to advise reason why. The other paid a week late but in full at least.

 

No arrears currently thankfully.

 

Common occurrence for low socio holding unfortunately... currently tenant paid until last week of Dec, but the current ones are usually catch up before it goes to 14 days, so fingers crossed. One other property is empty waiting to find tenant and PM is on holiday like other people

 

Don't make that mistake, PMs aren't like other people as they aren't people, they're agents.

 

Somebody had a merry christmas