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Rental Statements - How important are they?

Discussion in 'Property Management' started by FirstTimeBuyer, 8th Aug, 2016.

  1. FirstTimeBuyer

    FirstTimeBuyer Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    88
    Location:
    Sydney
    As a landlord, how important is the information in the monthly rental statements sent by the property manager?

    My statements have had the incorrect rent paid to date for several months, that is the calculated date that rent has been paid till. Aside from the fact that it makes tracking whether the tenant is up to date on the payment difficult, I'm wondering if it's just a cosmetic detail that I don't need to worry too much about or whether those statements have some serious bearings which I need to get correct immediately.

    Thanks
     
  2. SeafordSunshine

    SeafordSunshine Well-Known Member

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    Location:
    Sydney
    Dear FTB,
    your agent should get the 'paid to' date correct.
    just to make sure that there is no error.
    It is not a cosmetic detail. you need to have them corrected.
    You are paying them!
    Speak with the Licensee in Charge and make sure that they have it made up correctly.
    Is your property in NSW?
     
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  3. MyPropertyPro

    MyPropertyPro SE Qld Property Management & Investor Services Business Member

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    Location:
    Australia
    I think the format and presentation of the statements makes a big difference. As an investor, I can't stand the REST software statements no matter which format the agent chooses. It's convoluted and hard to make any sense of the ingoings and outgoings. I find Console presentation better but from an agent's POV it's not great software.

    For business, both ourselves and @D.T. use PropertyMe which provides statements and an online portal displaying an array of related information that is second to none in my opinion. The main reason to keep up to date is to cross check your expectations which in this case, don't appear to be being met? The statements reflect the position of the trust accounting done on your behalf which is a strict legal requirement on the PM so if it's not accurate, there's a problem. I'm not suggesting there, it might just require a little explaining.

    In short, yes it's important.
     
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  4. HUGH72

    HUGH72 Well-Known Member

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    Really like propertyMe, I wish all agents would use it or something similar. So much information is quickly and easily accessed.
     
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  5. D.T.

    D.T. Adelaide Property Manager Business Member

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    Location:
    Adelaide, SA
    Very important - rental receipts are legal documents that must be provided within certain timeframes and contain certain pieces of information. Having software that generates it automatically helps a lot of course, but still need to understand whats going where in the trust account and not just look at the pretty graphs.

    For private landlords - ensure you look up and follow your requirements.
     
  6. FirstTimeBuyer

    FirstTimeBuyer Well-Known Member

    Joined:
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    Location:
    Sydney
    Thanks everyone for the response. I thought it would've been a cosmetic detail that I could ignore but I'm glad I asked!

    Thanks!
     
  7. FirstTimeBuyer

    FirstTimeBuyer Well-Known Member

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    18th Jun, 2015
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    Location:
    Sydney
    Sorry missed your question. My property is in Brisbane.
     
  8. DiligentPM

    DiligentPM Well-Known Member Business Member

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    Location:
    Brisbane
    There are many good software programs...we are working to moving to PropertyMe the latest software being released

    We respond immediately to questions particularly when a property changes hands to ensure rental payment cycles align to what is owed.

    It is important to call your PM who will explain in detail the disbursements as all agencies take trust accounting very seriously and I would never make assumptions that other agencies do not take these duties seriously...as with other agencies, we take our trust accounting very seriously and happy to discuss with clients and/or accountants.
     
    Last edited: 8th Aug, 2016