When do I get paid my rent?
Before we dive into the issue of payments, it is important to make it clear that Flatio tenants pay for the number of days they actually rent your home and that the basic rental period (a “month”) is calculated at 30 days (rather than a calendar month).
There are different conditions for the payment and transfer of the first rent on Flatio. Subsequent payments are all treated the same.
Due date for the first rental payment
The tenant must send Flatio the first rent within 24 hours after you approve the reservation request. This payment is part of the contractual process. If the first rent is not received by Flatio within 24 hours, you have the right to cancel the booking.
Our system only marks a lease agreement as completed when we receive the money in our collections account. However, some bank transfer payments can take longer than the 24-hour period (up to 2–3 business days). If this happens, we ask the potential tenants to send us proof of the payment in progress so that we can verify that they have sent the money.
Payment transfer to you
Flatio transfers the first payment to you once we have been assured by the tenant that there were no problems with the handover and that they are satisfied with the property. When we have confirmation of this, we forward the money to your account the next business day. However, if the tenant does not send confirmation within 7 days of the beginning of the lease, we assume that everything is order and we transfer the payment to you.
Tip: Do you want a fast first payment? Ask your tenant to send a short message to [email protected] that the handover went well, and our customer support will arrange the rest!
Second and subsequent rents
If your tenant has rented your apartment for 30 days or more, any additional rent is due 20 days later (10 days before the end of the first 30-day period).
Example: A tenant will stay from May 24 to July 31 and will pay 12,000 CZK per month (calculated as a 30-day period). This reservation is 69 days long.
The tenant will make the first payment as part of the contractual process, and so is covered for 30 days from the start of the lease, i.e., from May 24 to June 26. At the end of this month, the tenant has 39 days left to pay.
The second month’s payment due date is 20 days later (in this example, June 12). Flatio must receive the money in our account by or on this day. Once the tenant makes this payment, they are covered for another 30 days (until July 22).
The third month’s payment due date works the same as the second. The rent for the remaining 9 days on the lease agreement will need to be paid by July 12, or within 20 days of the beginning of the current paid month. This final payment will cover the tenant until the end of the lease on July 31.
In the My Rentals application, you can access the payment schedule two ways:
From the Dashboard
- On the home page, you can see the Rental Payments section, where you can see which payments have already been collected, which are pending, and any that are overdue.
In the Tenants section
- Click this item to see an overview of all current and upcoming tenants. Below this tab, you can see past tenants as well.
- Select the tenant whose payment summary you would like to see.
- Method A:
- Select Rentals from the submenu in the top bar (under the tenant’s profile picture and phone number). This will show you an overview of all of the tenant’s past and current payments and due dates.
- Method B:
- Select Agreements from the submenu in the top bar (under the tenant’s profile picture and phone number).
- To see a specific agreement, click Detail.
- Click Show in the Required documents and signatures block.
- See the rental schedule and its due dates on the last page of Lease agreement.
Except for the first rental payment (described above) when the payment has credited to our collections account, we forward it to you on the next business day. Note that if the money is credited to our collection account on Friday afternoon, the payment will be forwarded to you on Monday.
IMPORTANT! An exception to the above policy is when the tenant makes a payment online by card in CZK, EUR, PLN, HUF. Although this type of payment is shown as paid immediately and you and the tenant can see that the rent has been paid, card payments take longer to credit to our collection account. In these cases, we forward the payment to you after 5 business days.