If the month of October ended yesterday (Thursday)...when does a Property Manager in QLD have to deposit the rent money for October into your account? I would have thought that they had to deposit the rent money by COB today?
Under the AFA Act, Agent can only and must do month end between the 1st-5th of the following month. This takes into account weekends and public holidays providing sufficient time to do the disbursement during business hours etc. The bank transfer method may then still take 1-3 business days to process depending on financial institution etc. Statements are usually emailed out at the time of running the month end (disbursement wizard), that's when a Client would know the Agent has done the month end.
Mine are done the last Wednesday of the month. Usually in my bank within 3 hours of them generating and emailing the statement.
You only get paid monthly? So if tenant is late with the rent and pays on the 2nd of the new month you wait another month for the rent? I hadn’t realised from other comments above that this seems to be a common thing in Qld.
I get mine twice a month, on the 1st and 16th, two lots of two weeks rent, also Qld. Re tenant being late, the difference here is, this is the PM paying the landlord, the tenant is still paying weekly. If they're late, that's on the PM..
I'm in NSW but can do disbursements as often as necessary. I believe an agency can choose when and how often they disburse, I have even heard of weekly. I do them twice a month, and then if there is the opportunity I will do one-off disbursements (eg if I know a tradie is waiting for payment or if the tenant misses the disbursement and its a large amount that I would rather get to the owner asap)
