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Estate Agent taking a long time to give me my rent each month

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  • 20-08-2014 10:40am
    #1
    2rkehij30qtza5
    Closed Accounts Posts: 1,476 ✭✭✭


    I have a property that is looked after by an estate agent. The property is far away from me so I unfortanately need the estate agent to look after it as I am not in a position to do it myself.
    Each month the tenant pays his rent into the estate agent's account. They always hold on to it for at least a week. I start asking them for it after about day 4 of it being transferred in. If I ring they never phone me back and they ignore my e-mails.
    How long is reasonable for an estate agent not to transfer my rent? If it comes in on say, 10th of each month, when should I reasonably expect it to be transferred? Also, I have asked them repeatedly in the past for a receipt/invoice but they have only ever sent me one or two. Usually the rent appears in my bank account but I never get it without repeatedly asking for it. I am just so annoyed at this stage as it was 7 days last month and my mortgage account went into arrears because of this.

    Essentially - it is what it is. The setup will remain the same. My question is purely - what's a reasonable length of time I should be waiting before receiving my rent from the estate agent? many thanks.


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    #2
    debabyjesus
    Registered Users Posts: 774 ✭✭✭debabyjesus


    Just get the tenant to pay it straight to you.


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    #3
    2rkehij30qtza5
    Closed Accounts Posts: 1,476 ✭✭✭2rkehij30qtza5


    debabyjesus wrote: »
    Just get the tenant to pay it straight to you.


    I had a problem in the past with a tenant not paying rent and it ended up being a nightmare. At least with an agency on hand they can deal with it. I couldn't deal with it at the time as I lived far away. Hence the reason I have an estate agent. The tenant is paying the rent but the agency is just not sending it on to me.


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    #4
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,688 Mod ✭✭✭✭Stheno


    what does your contract/agreement with the estate agent say in relation to this?


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    #5
    2rkehij30qtza5
    Closed Accounts Posts: 1,476 ✭✭✭2rkehij30qtza5


    Stheno wrote: »
    what does your contract/agreement with the estate agent say in relation to this?


    Don't have one. Made the agreement over the phone at the time about 5 years ago and posted the key up to them! They are a large estate agent company in Dublin but it all seems so shambolic!!


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    #6
    wmpdd3
    Registered Users Posts: 9,624 ✭✭✭wmpdd3


    Can you change management companies?


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    #7
    2rkehij30qtza5
    Closed Accounts Posts: 1,476 ✭✭✭2rkehij30qtza5


    Not at the moment as I have never had contact with current tenant and I have a lot going on at the moment and it's hassle I can't take on right now.


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    #8
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,688 Mod ✭✭✭✭Stheno


    Sounds like your only option then is to continue as you are tbh


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    #9
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    are they delaying it though ?

    Its possible its taking a few days to get from the tenants account to their account. Perhaps just 1 - 2 days before they do their admin to send it onto you and then another delay from their bank account to yours.

    Not saying this is the case but its a possible explaination. The fact is if your not happy with their reposnse as their customer how do you think their tenant feels if they need to contact them about an issue ?

    If they arent meeting your standards end the contract and find another letting agent to manage the property.


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    #10
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,688 Mod ✭✭✭✭Stheno


    That's a good point, OP are you saying that it takes seven days from when the tenant is due to pay the rent before you get it?

    If it has to go through multiple accounts it could well delay it


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    #11
    Lux23
    Registered Users Posts: 7,134 ✭✭✭Lux23


    With SEPA it can take a week at least for payments to go through two different accounts so maybe you need to ask for the rent to be paid earlier or move your mortgage payment date.


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    #12
    Mrs OBumble
    Registered Users Posts: 25,965 ✭✭✭✭Mrs OBumble


    If they tenant is paying the agent by cheque (which I had to do with an agency a while back which wouddn't accept a standing order), then the agent will not pay you out until the cheque has cleared.

    I don't know how long transactions take through the Irish banking system at present, but in the past this has taken up to 10 days.

    Even with non-cheque transactions, there's a certain clearance time involved, and the agent will not be paying you out until they are certain that there's no way for the tenant's deposit to be reversed.


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    #13
    Barely There
    Closed Accounts Posts: 2,481 ✭✭✭Barely There


    Zaiden Plump Jeep wrote: »
    Each month the tenant pays his rent into the estate agent's account. They always hold on to it for at least a week. .

    Doesn't sound an unreasonably long length of time at all.



    Zaiden Plump Jeep wrote: »
    I start asking them for it after about day 4 of it being transferred in. If I ring they never phone me back and they ignore my e-mails.

    I don't blame them if you're barraging them with emails and phone calls on a regular monthly basis after 4 days.


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    #14
    Gasherbraun
    Registered Users Posts: 312 ✭✭Gasherbraun


    A large agency with multiple incoming rents may well have set payment dates in the month where they transfer blocks of rent to numerous landlords.

    They should at least explain the delay to you though; you are a client who has expressed concern with an aspect of their service...that you pay for.


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    #15
    L1011
    Registered Users Posts: 68,902 ✭✭✭✭L1011


    Zaiden Plump Jeep wrote: »
    I had a problem in the past with a tenant not paying rent and it ended up being a nightmare. At least with an agency on hand they can deal with it. I couldn't deal with it at the time as I lived far away. Hence the reason I have an estate agent. The tenant is paying the rent but the agency is just not sending it on to me.

    If they don't pay an agency they've no more powers to force them to pay than you would living further away.

    A week may be perfectly reasonable, but they should really tell you *why* its taking a week. They don't sound hugely professional all in if they can't explain that.


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    #16
    the_syco
    Registered Users Posts: 37,301 ✭✭✭✭the_syco


    Are you with the same bank as the Estate Agent? I'm thinking that the tenant transfers his money from bank A to the EA who uses bank B, and then onto you who uses bank C. The transfers can take a day or two each, and thus the EA probably has the transfer set with that in mind.

    If you want the money earlier, tell them to bring the day they collect rent forward 4 days for the next tenant?


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    #17
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    the_syco wrote: »
    Are you with the same bank as the Estate Agent? I'm thinking that the tenant transfers his money from bank A to the EA who uses bank B, and then onto you who uses bank C. The transfers can take a day or two each, and thus the EA probably has the transfer set with that in mind.

    If you want the money earlier, tell them to bring the day they collect rent forward 4 days for the next tenant?

    With SEPA- even with the same bank- it can, and does, occasionally take up to 10 (working) days. BOI have been in the media over this farce several times over the last 3-4 months.


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