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Fortnightly property management?

By 11 March 2014 12

I’m looking for a property manager to take on my two investment properties, which are currently managed separately. My only problem with the current property managers is that neither can manage the accounts on a fortnightly basis. My income and mortgage repayments, as well as the tenants’ rental payments are all paid every second Thursday, yet the property managers insist on paying me on a monthly basis. They do make the concession of twice monthly payments on the 1st and 15th, but these still don’t match up with my mortgage repayments.

Does anyone know of a property manager who can make fortnightly payments?

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12 Responses to Fortnightly property management?
#1
ThatGuy12:11 pm, 11 Mar 14

Can’t you just add a one off re-payment of a fortnight yourself? Then your monthly payments from the real estate will span the fortnightly payments.

#2
Madam Cholet1:04 pm, 11 Mar 14

We have a rental property that is on an interest only loan and we pay the mortgage monthly. I had problems with the date that it was originally scheduled to come out of our bank (26th), not lining up with the date the income from the property arrived (around the 2nd or 3rd or the month depending on the weekends).

I ended up changing the date the mortgage is paid on the investment so it is now taken on the 1st of the month. That was the maximum they would let me move it but it did indeed help. Most of the time weekends mean that it doesn’t come out on the 1st and by the time it does the money from the property is paid.

I think it’s really up to you to fix this one and not the agencies, unless you want to self-manage it.

#3
Mysteryman1:53 pm, 11 Mar 14

ThatGuy said :

Can’t you just add a one off re-payment of a fortnight yourself? Then your monthly payments from the real estate will span the fortnightly payments.

Not if you’re leveraged over your eyeballs. God help figjam if the tenants miss the rent for a fortnight or two.

#4
ThatGuy3:46 pm, 11 Mar 14

Mysteryman said :

Not if you’re leveraged over your eyeballs. God help figjam if the tenants miss the rent for a fortnight or two.

Good point, I didn’t account for people potentially living beyond their means.

To answer the initial question, I’ve had experience with two real estates and both pay monthly. You may struggle to find one and have to consider Madam Cholet’s response.

#5
milkman5:54 pm, 11 Mar 14

Rule number 1 of property investment: you need a pool of money to use to smooth your income and expenses. This pool should be at least 3 months rent, and you should park it off your own home loan.

#6
curmudgery10:33 am, 12 Mar 14

You joined the real estate industry: they did not join you. Monthly is standard – it’s going to be a lot easier for you if you get in step.

See milkman’s response. Perfectly correct. There’s a huge difference between monitoring a process and worrying about it. Huge.

#7
BimboGeek7:02 pm, 12 Mar 14

Have you tried Purnell? When I’ve rented a flat they were managing they were so easy and flexible to deal with. Our official rent was monthly but as long as we were ahead they were happy. The owner was in Melbourne so she wanted to know the agent was taking good care of the place and she seemed quite happy with them the couple of times we met her.

#8
Sandman7:47 pm, 12 Mar 14

I’m sure if you offered to pay the agent double their fees they’d be willing to do double the paperwork.

#9
Masquara2:46 pm, 13 Mar 14

milkman said :

Rule number 1 of property investment: you need a pool of money to use to smooth your income and expenses. This pool should be at least 3 months rent, and you should park it off your own home loan.

Anyone who buys an investment property without a buffering in case interest rates go back over 10 per cent deserves to lose it.

#10
secretmumma5:17 pm, 13 Mar 14

Cameron Real Estate (now Cream Residential) http://www.cameronre.com.au/
They do fortnightly rent, have been with them twice. Great to deal with :)

#11
Benjamin_Ling12:40 pm, 09 Apr 14

Good morning,

In short – yes, our office can chat to you about the details. If you have not already taken care of this issue, please inbox me or email.

- Benj

#12
NoImRight8:19 am, 10 Apr 14

Making what I think is a reasonable assumption the loan/s on your properties would be interest only? In which case the “payment” (interest) is only once a month. As said above easiest way out is to be ahead one payment at least and then just let it roll.

Id choose an agent more on their ability to manage the property and keep it tenanted, not on their ability to fit in with your kitchen table bookkeeping.

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