Do you do it in your business? Make daily landlord payments, as you believe it is necessary to keep your landlords happy?
Here at Branch Out, our customer’s feedback suggests that while landlords prefer to be paid as soon as possible, checking client accounts and software pay statuses on a daily basis can create a lot of work for agents.
Many agents will be familiar with the dilemma of whether to only pay a fraction of what a landlord may be expecting, when only a small portion of rent has been received. Surely if they receive part payment they are not going to be happy? Sometimes holding off paying your landlords until you have received the full rent payment, however, can also lead to frustration. How often do you find yourself with a dilemma of “do I or don’t I” pay a small amount?
One important factor worth remembering is if you do choose to make daily payments is that it can become difficult to manage the expectations of landlords who have grown accustomed to waiting each day, on the chance that they see a payment from their managing agent. Paying your landlords on a daily basis can increase your work load exponentially and may not be the best way to maintain strong working relationships with landlords. Not only are you left checking accounts on a daily basis, you inevitably run the risk of having to regularly manage complaints from unhappy landlords who have become accustomed to checking their bank balances on a daily basis.
Don’t waste time
How much of your working day is spent talking with landlords who are wondering where their payments are? How many additional hours do you then spend ringing around tenants who are late paying to try and speed up the process to help maintain a good relationship with your landlords.
It may be worth asking yourself…..”Am I creating more work for myself or my team in making payments on a daily basis, and more importantly, do my landlords really see this as being good service”?
Here at Branch Out, we very rarely see daily payments doing anything other than causing a headache for Agents and their Landlords.