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Property Management Tips - Where Do I Put a Tenant's Bond?


Where Do I Put a Tenant’s Bond? When you first start your own Rent Roll, you’ll be taking money from tenants to pay their bond. It’s really important that you know where to put this money so you don’t get into trouble at your annual trust account audit. In NSW, the bond is to be lodged with Fair Trading. Previously, this was completed using a paper form and a cheque or money order, but now agents can register for the Rental Bonds Online (RBO) service and lodge their rental bonds electronically. This opens up additional methods for the tenant to pay their bond, including Mastercard, Visa and Bpay. The old paper based form can still be used for tenants who are unable to pay their bond using these electronic methods, and you cannot force a tenant to pay their bond electronically. Remember, agents have 10 working days from the end of each month to lodge all bonds received in that month. You can read about the new Rental Bonds Online platform by clicking on this link: For more information on setting up a Rental Bonds Online account for your new Rent Roll, contact Rent Roll Starter at www.RentRollStarter.com.au To claim you free 30 minute strategy session on how to start your own rent roll, go to www.RentRollStarter.com.au Find us on: Website: Facebook: Instagram: ...(read more)


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