Collecting Rent

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From: Julie _adelaide


I want to set up direct debit transfer between my tenants and myself. I take possession of my 6 units on the first of may. The previous arrangement saw the landlord call in one or two nights a week and collect the rent. I want to break them of this habit.

Has anyone done this and if so does it work well for you?

:)
Julie
 
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Reply: 1
From: Duncan M


Hi Julie,

NAB offer a product called "Rent Card" (or something similar).. It gives your tenants the opportunity to B-PAY you instead. They get a plastic card (usual size) and can attend post-offices, NAB branches etc. You get emailed a statement with reference numbers, amounts paid etc on a daily basis.

It has setup costs and you pay for each card, but when I looked into it it didnt seem prohibitive.

Regards,

Duncan.
 
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Reply: 1.1
From: Julie _adelaide


That sound promising Duncan. I am seeing my bank manager tomorrow, (Westpac) that will be something I can ask her about.
:)
Julie
 
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Sim

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Reply: 1.2
From: Sim' Hampel


Macquarie Bank also offer a similar service, called DEFT Payment Systems (or DEFT BPay). Allows you to use BPAY or Direct Debit for rental payments.

I've only used it as a tennant, so I can't comment on the facilities provided for landlords.

 
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Reply: 1.2.1
From: Simon and Julie M


We have had some difficulty getting people to do D/D even when we have stipulated and agreed to it in the Lease agreement.
They do automatic trans as deposits but this can be hard to track in the case of late payments.(If there are more than one rent due on the same day)
The good old deposit book seems to work for us best.
Maybe offering an incentive like a small rent reduction for D/D could be the answer.
Simon
 
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