Looking for Suggestions of Automatic Rental Tracking Bank/App

lethological on 21/10/2018 - 11:34
Last edited 21/10/2018 - 11:35

Hello OzB,

I am working away from home and renting out my house in the meantime.

Hoping someone has a cheap and secure solution that can automatically track deposits?

My current renters are not the greatest at keeping up to date on payments, and I don't like manually monitoring their payments and adding them to my spreadsheet (which I have setup to automatically add up payments and show when they are behind, ahead etc)

I think this solution night also make taxes simpler having dove the accounting automatically.

So great OzB anyone solve this for themselves already?

Regards
L

Financial

Comments

  • [Deactivated] on 21/10/2018 - 11:45

    MYOB have a service renters but it wasn't cheap. If you don't live near by you should probably have a profesional PM but I'm sure you have been told that before.

  • elgrande on 21/10/2018 - 12:01

    Yes, its called a property manager.

    If checking the rent is in your account once per week then perhaps you should reconsider your decision.

  • SmiTTy on 21/10/2018 - 12:12

    Sorry I know this doesn't answer your question, but why don't u get them to pay one month in advanced (plus bond I assume will be in place). That'll cut down checking your account from weekly to monthly.

    But otherwise, a PM is the best option

  • Seraphin7 on 21/10/2018 - 12:22
    +4

    Standalone bank account that you only use for rent deposits. Simples.

  • Some Guy on 21/10/2018 - 12:45
    +1

    I use a property manager so I get a statement once a month. If the tenants haven't paid after being chased up by the PM, I get a call. Tax time's a breeze too - I get an annual statement. No tracking from me whatsoever, app or otherwise, just open up an email.

    But it sounds like you're not using an agent, in which case I'm not not sure what's so hard about checking your account once a payment period to see if tenant has paid. Do it on the dunny via your free and secure banking app.

  • Randxyz123 on 21/10/2018 - 12:54
    +2

    Set up a new bank account only for rent deposits.

    Many banking apps give you push notifications when you get paid.

    OR

    If they miss 5 ontime rent payments without giving you a heads-up, tell them to get out.

    Don't let them get ahead. They need to pay on time consistently or leave. Unless they have a really good reason.

    Honestly, in your situation, a property manager is probably the best solution.

  • bobbified on 21/10/2018 - 14:20
    +2

    Any app that can track transactions in and out of your bank account will need your banking username and password.

    If you supply your username and password to a third party, you'll be opening yourself up to liability issues if money goes missing from your account.

    • payton on 21/10/2018 - 14:34

      +1
      suggests opening a bank account with banks that gives you push notifications real time on your phone when you get money deposited.

      Also, read up on how much you're allowed to ask for rent in advance, eg 2 weeks in advance - save yourself some grief

  • geoffs87 on 21/10/2018 - 17:49

    we used realrenta for a while, it was pretty good, their customer service is exceptional. But in the end i couldnt be bothered with the tenants, so i got an agent. The tenant pays realrenta, and then realrenta deposits it into your account and shoots you a statement for tax purposes. You can also track how late they are, and the tenants get reminders!

    I think it costs about $50pm which was about 20% of the cost of a property manager.

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