How to Ensure Your Money is going to the Right Place

Landlords changing bank details is a common occurrence in property management. When the correct systems and protocols are in place to advise tenants of the new details and timings, things can usually go without a hitch. Unfortunately, criminals are on the lookout for any new ways to make a quick buck.

The importance of ensuring your landlord’s new bank details are indeed correct and legitimate is vital. Otherwise, how can you ensure you are communicating with the right person? What’s to say you are not communicating with a criminal posing as your landlord? As far fetched as these things may seem, they do indeed happen. And they happen on a regular basis. 

Top Tips for Managing when Landlords Change Bank Details

  1. Always get the instruction in writing. In writing does no include text, ensure it is via email, letter or fax.
  2. Only communicate with the email from the original agency agreement. If any variation to the email address occurs, it is a red flag to investigate further. If the client has not communicated with you for a lengthy period of time, pick up the phone for a quick conversation to confirm the new details. In cases where they are overseas, organise a quick skype link up.
  3. Always store the bank details change of instruction in your trust accounting software for future reference and recording. That way it is at your fingertips when needed.
  4. Always confirm the instruction with the parties listed on the agency agreement. This means following up with a second confirmation of the change of details.
  5. Ask your clients to set their own password at the commencement of the management. If any changes are made, keep them on file for future reference. When any changes to details are required, your client will be required to quote the password. If any issues, explain to your clients that you are taking extra precautions to protect their most important asset. Most won’t be able to argue with that.

~ Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 19 years industry experience. Don’t trust just anyone with your trust accounting. Trust End of Month Angels and get back to what you do best – growing your business.