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2013 Resolution #1: Get Paid On Time

Monday, January 14, 2013


2013!!! 

In the words of every magazine cover, blog and self-helping newsletter: New Year, New You?  Well, let us be the first to say, hopefully not, because we quite like the "old" you. 

But we shan't go quietly into 2013.  How about some resolutions?  Not the impossible, annoying, guilt-ridden-when-they-don't-quite-happen kind, the completely possible, totally probably, small-steps kind (i.e., the best kind).  We have chosen five resolutions to be our spirit guides in property investment and landlording.  Mind you, they are not necessarily going to get you to the upper echelons of property investment straight away but you bet your happy-new-year-ar*e that they will get you all the closer to financial freedom.  

APIA 2013 Resolution #1: Get Paid On Time


Rent is the lifeblood of landlording, it is your main income source, your mother's milk, the very reason why you play this sexy game of residential property investment.  So why-oh-why would you not want to be paid on time every time?
 
Delinquent tenants get away with not paying rent over and over again because their landlords are not vigilant at following a rent arrears protocol.  We are not saying you should be Ebenezer Scrooge about it, but at least be in a position to know exactly where you are on the rent ledger at any given time.  We will say this again, property investment is a business, treat it like one.  You would not be dishing out credits left right and centre if you are running a traditional business, so why would you tolerate rent arrears?  Come to think of it, there are another 12 months to go before you risk a visit from the Ghosts of Christmas, go ahead Scrooge-up all you want! 
 
Depending on the size of your portfolio, there are several resources available to help you keep track of rent payments.  At the very least all landlords should have ready access to the bank account that is receiving rent and get into the habit of checking statements every single week.  Beyond that you can get super fancy-smancy by utilising the various cloud-based tools that are available for landlords.  Xero accounting is a great cloud software that has built in integration with your bank account and gives up up-to-the-minute report of your bank statements.  Click here for a free trial account.  If you want to really blow your mind, we are also happy to learn that PocketRent is now fully Xero integrated with an automatic rent reconciliation feature, so you have the ease and convenience of running a multi-property portfolio with one single product.  APIA members get an on going 10% discount for PocketRent subscription and free trials can be accessed by going here.  Gone are the days when landlords have to wait until the end of the month to reconcile rent payments.  It is now super easy for you to stay on top of your tenant's rent payments (or lack thereof). 


Once you have established a habitual monitoring system for rent payments, it is time to get yourself a rent arrears protocol (RAP) down pat.  For the March APIA Classroom (7th March), we will be taking members through a basic RAP which can be customised to suit individual situations.  Keep an eye out on our events page for registration closer to the time. 

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The Tenancy Practice Service and TPS Credit Control work closely with the Auckland Property Investors' Association. Our vision of bringing helpful resources, documents and high quality services to Auckland Property Investors and Property Managers is shared by APIA, so its a partnership that works well. 

The Auckland Property Investors' Association is a great organisation for those who want access to advice and information from a range of industry experts and partners. 



Mathieu Holt- Managing Director, The Tenancy Practice Service & TPS Credit Control
Through the Association I found the channels and methods to fund the purchase of property I never dreamed about. Grant Brown

All round it has been one of those things Neil and I felt was really worthwhile belonging to. We have learned so much it has just built our confidence in what we are doing.

Janice Bieleski
I read two articles in the monthly magazine that saved me over $5,000. That is my membership fee for the next 26 years and I am sure I will learn a whole lot more! John Duncan
Fantastic organisation. The networking opportunities are brilliant and provide us with information and opportunities that cannot be obtained anywhere else. We learn something new at every meeting and we've been in this game for nearly 20 years. Pauline and Gyanen Kumar

I find the information obtained from various APIA meetings very useful in guiding my own property investment and rental management.  I also enjoy the networking opportunities with like-minded investors.  I am inspired by other investors’ success and find the more experiences and knowledge that I share with others, the more confident I become.  

Thanks to all APIA event organizers and administrators for your brilliant work. 

Stella Shao

I like talking to people and learning from their experience because it gives me the confidence to invest well. I think it is a knowledge thing. I now know I am doing things the right way.

Stephen Weatherall

My APIA membership has become a total success.

Every time I attend a monthly or regional meeting I come away with so many useful and positive tips that have added value to my property investments and management.

Not only that, the website is a great place for practical advice and useful information. It has now evolved into an important resource for my business.

Talk about value for money! The discounts I have been getting at Bunnings when I present my APIA membership card have more than paid for my annual subscription!

Tim Duffett, Plan A Investments Limited