Difficulties with national agent paying across 6 months upfront rent?

Difficulties with national agent paying across 6 months upfront rent?

10:02 AM, 30th December 2020, About 6 months ago 6

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Wm. H. Brown let a property for us on 10th December with 6 months upfront payment of rent. We chased them to pay this across to us before Christmas and were assured we would receive it by 22nd, or the very latest by 23rd December.

It was not paid, and I called accounts at head office on 24th and spoke to someone, who then cut me off. I cannot make contact with the head office so called the local office today, and have now been told we should receive this in the next couple of days, I wait in anticipation.

They have let another property, again on a six months rent up front basis, and there is no sight of this money either. I do not think it fair they are using our money for their cash flow purposes. Has anyone else suffered at their hands?

Latest update @ 30/12/2020 10:am >> I have now received some rent, but they have deducted too much for their fees. They have charged a deposit admin fee, despite them not handling the deposit! I am still waiting for further rent on another property.

Barry



Comments

by Graham Bowcock

12:04 PM, 30th December 2020, About 6 months ago

Hi Barry

The time taken to pay the rent to you is not acceptable. Unless they are having to discharge money to others (such as contractors) then they ought to be able to get you paid in a couple of days.

As for them using money for their own cashflow - this most definitely should not be the case. The money should have been paid into a dedicated clients' account and is not available for the firm to use for running their business. It sounds like they have just not been very efficient (perhaps blaming COVID for operational inadequacies).

by Freda Blogs

12:18 PM, 30th December 2020, About 6 months ago

They are a very long established firm, are/were dominant in their marketplaces, and I would hope therefore that their reputation matters to them. Maybe escalate to senior bod who will rattle cages for you...

by david porter

12:53 PM, 30th December 2020, About 6 months ago

I think that are part of sequence?
A major firm .
The compliance department H.O would be interested to find out. I think they will be very helpful

by Lesley Lester

13:13 PM, 30th December 2020, About 6 months ago

CEO.com, get the CEO's email address and contact him directly.

by Rob Thomas

11:56 AM, 2nd January 2021, About 6 months ago

It always surprises me that any landlord would let a letting agent pay rent into their bank account first. On the few occasions I have used a letting agent I have always insisted that the rent is paid directly to my bank account. It's your money.

by Graham Bowcock

14:52 PM, 2nd January 2021, About 6 months ago

As an agent I would always collect the rent into our clients' account. That way I know 100% it has been paid. It also means that I can discharge any bills that have to be paid (EPC, gas checks, etc.). If we don't hold funds then strictly speaking we cannot instruct any contractors.

It makes no difference to my firm's cash flow or profit as money is held in a clients' account. We earn no interest on it.

I can also say that we do not hold money unnecessarily and pay our landlords promptly (I have been in the game 30 year). In this case it seems that the agent has not only failed to pay over but has broken promises to pay. That is worrying, but no doubt they blame COVID!


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