Hi
I need to find a payment method for an interstate property that I plan to self manage. The options as I see them are:
- Bpay – Could be the best option. Cost? +’s & -‘s?
- Online payment to bank account – possibly the easiest option, but I’m not sure that it is the best option – giving out account number and BSB not only has security implications, but doesn’t look that professional
- Others…?
Appreciate any comments
regards
longshanks
Hi longshanks,
How do you plan to self manage a property interstate? A bit risky plus could be a headache if you ask me. How far are you from the property?
Regards,
OziOriginally posted by longshanks:Originally posted by ozi:Hi longshanks,
How do you plan to self manage a property interstate? A bit risky plus could be a headache if you ask me. How far are you from the property?
Regards,
Ozi…lets try that again….
Hi Ozi
Thanks for your interest….yeah done it before without much hassle….thanks anyway…so any tips on payments?
ls
I manage a local property with 5 tenants – I gave them all my BSB and Account Number. No problems to date,
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hey Longshanks,
We self manage some of our properties and have until recently given tenants our BSB and account number for them to deposit money into our account however the bookkeeping and chasing up of rent was a nightmare until we discovered Ezi Debit (www.ezidebit.com.au) They essentially are a third party that direct debits the rent from the tenants account and you get access to an online service where you can print off reports and all. Its fantastic and doing it this way has more than halved the time we used to spend on chasing up rent and keeping an eye on things. Just keep in mind that just because you’re paying another company to do this you should still keep an eye on things to make sure the debit dates and $$ are accurate.
Ezi Debit will direct debit the amount you want however frequent you want. They charge $2.20 to set up an account and $1.10 for each transaction so if your tenants are paying monthly it works out to be a little bit cheaper for you as opposed to paying fortnightly. You can choose to have the tenants pay for the transaction fees or you can choose to pay for it. We personally chose to pay for it because its a minimal amount and at the end of the day is benefiting us moreso than the tenants.
Hope this has helped.
Regards,
Kim Anand
[email protected]“Money Can’t Buy you Happiness but it Does Bring you a More Pleasant Form of Misery”
You might like to look at Bill Buddy which we use for all of our installment contracts
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
I saw a brochure in an Agents office about this:
http://www.rentalrewards.com.au/Don’t know much about it tho.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
