Hiyas Just wondering if any of you had used Barclay MIS for your residential property debts (rent, water, damage, etc), or any other debt collector for that matter and can share your positive or negative feedback? Barclay MIS do a one-off type service, where they'll take on a debt and for 5% listing fee they'll chase it up for you (and have the power to garnish wages or centrelink payments if needed) but also take 20% of the amount recovered as well. Kinda pricey, but serves a need I guess? Had a meeting with them today to discuss other options available and they brought up an alternative option available which is $66 per year and tax deductible. This can be used on top of or as well as landlord insurance. As part of this plan (google Protect They'll do the above-mentioned debt collecting/recovery for free if on that plan, plus a bunch of other included free services as well, such as: - Review landlord insurance claims that were declined or not as much as expected. They'll go after the insurance company if they thought they should have paid more per their policy wording. - Go after tenants to recover the shortfall in insurance and/or bond payments with no listing fee or commission. - Chase up arrears for rent and water. Obviously a good property manager does a fair bit of this already, but sometimes going the extra step and getting a phone call or letter from a third party can help get tenants back in line. - Provide an additional database to property managers to check when assessing lease applicants, helping to prevent some of these issues from occurring in the first place. Obviously there's things PMs check already, but more checks is never a bad thing. - Track down and locating of absconding tenants so that they can serve summons and commence recovery. No additional cost for having to register tribunal/court orders in other states if needed. - Attend the house for the bailiff/sheriff eviction, this saves your favourite property manager from being shot by the tenant (just kidding), but ensures the process is followed legally so as to not jeopardise the recoverability of their rent/water/damage costs. I'm going to invite my landlord clients to consider it [and I've negotiated with Barclay two additional bits for them, free for the first couple of months, and also the ability take on properties with pre-existing issues. Its not compulsory by any means but i think its worth a look at, whether you have landlord insurance or not. I will for my properties. Disclaimer - I don't get any commissions, referral fees or even pats on the back from these guys. I just feel that property investing is a business, and should be treated as such. Thoughts? Cheers Dave
There were a few threads on Somersoft about this company. They were dodgy if I remember correctly - ASIC investigations and court cases. I don't know if they are still owned by the same people or operate the same way but I'd be wary.
Yea, I of course google / research anyone i come across and found those threads. The ones i found had common issues: - Inability to prevent automatic renewal if no longer wanted the service. I don't think there is an issue here anymore as its invoiced. They don't get anyone's bank account number. They also have a 120 day cooling off period from what I understand. - Posing as an insurance policy and purporting to have the required Financial license that goes along with that. No issue anymore as its now just a debt collection service, with some good support features thrown in. - Most of the threads were also 5-7 yrs ago, probably not the same people involved. Also have about 4000 agencies in Australia signed up for the service so assume they know what they're doing by now.
I'd be interested to see how it pans out. I was with them for a year through my agent years ago and it took a bit to get off their list and they sent me renewals via the agent for years as if I was still a customer. Never had to use anything like it though *touch wood*
Its great to have all these things they can do but the real test for example is recovering money after a court order from a difficult to find and communicate with tenant. It seems hard basket cases are exactly that. All these extra fees and policies don't guarantee absolute recovery, rather seem to provide potential peace of mind. I would be interested to hear real success stories from landlords. There was another lady apparently that copied a similar product offering and has been wound up with the ACCC multiple times and then sets up shop again and again under a new similar banner. If you research enough you'll dig up her details. A property manager at the time pushed me onto her for amounts to recover. She promised the world, took my money up front and was full of lies. No connection to what is being talk about here, but just commenting on the general style of service, otherwise it is just another unnecessary fee for landlords amongst the growing list.
Dave,make sure in the email they will send all your clients,they will have to "OPT OUT" otherwise they assume you want it.If you ignore the email like i did,you will see the debit in your next statement.I thought a bit dodgy.
What I didn't like was when I first came across this product a couple of PMs didn't make the offer OPT in. This naturally put me offside and I cancelled the policy on a couple of properties. I had some plumbing work done at a house and the plumber charged the agency twice, this charge was passed on to me. I didn't pick it up for several months and advised the PM. They contacted the plumber who didn't return calls and then refused to credit the double invoice, the property manager contacted Barclays and within a week I was refunded. That's my only experience with them indirectly. The OPT out marketing really annoyed me.
Good feedback. They offer either the opt out or opt in templates. The latter seems more legit to me. With my own properties interstate I wouldn't tolerate the PMs doing opt out stuff so my own clients have come to know where I stand on things.
I've spoken to the QLD Barclays team a few times and I'm a fan based on those experiences, but I haven't had to use them yet. A good agent claiming on a good landlords insurance policy really erodes the benefit of most of their services, so I tend to only recommend them when my clients absolutely refuse to pay for landlords insurance, which is very rarely. They told me that they don't do general debt collecting services, only the subscription base? I'd prefer to use them as debt collectors.
As a LL I would want an Opt In as my option not having to Opt Out. If I wanted it I would of made calls to arrange it but having to Opt Out means I have to do something when I hired the PM to make my life easier not harder. Having it as Opt In I can say yes I like this and thank the PM for letting me know of the service compared to why are you making me read my emails and opt out of an expense.
I have one of my owners used them, I believed there fee was $55 per year, we took over the property at the end of the tenancy (solely to evict as the current agency wouldn't/ hadn't been able to after 2 QCAT appearances, she was a good talker and played the victim well) the tenant left owing rent and damages I lodged the claim through BarclayMIS and to date they have been unable to find her or recoup any money from her. This was 8 months ago and they advise all options have almost been exhausted. To date that has been my only experience with them however I have heard nothing but good comments from them.
Took up a subscription on recommendation of Real Estate property manager. When last tennent ,who's mother went guarantee, moved out we had a hole in the wall , large internal window glass and frame was gone and venetion blind also gone.Place had to be cleaned ,window replaced, lawns mowed and a pile of motor bike frames , worn out 4X4 wheels and tires and other junk removed and behind in rent.Out of pocket about $1500 even after I did most of the work. When Agent was asked about BarclayMIS coverage was told they can't contact her. Mother who went guarantor for daughter lives in same town and is in phone book.So not that hard to find. Save your money.Total waste of coverage.
Do you mean during the tenancy? It would be interesting to explore the legalities of this in the context of the prescribed avenues to pursue these items in the various state regs. If the tenancy is still in effect can you even do that? - Luke
Yes, no legalities involved as not actually registering it as a debt at that stage. Simply outsourcing when needed. Sometimes getting a sms or call from a 3rd party has a better effect to prompt people into action.
I'm a fan, haven't had to use yet, I give the brochure to all my Landlords, small price to pay for the service.
I'm a big fan. I have used them twice so far. Both have resulted in all debts being paid. During the latest experience they pursued legal action through the courts on our clients behalf and this was covered in their fee.
Bumping this thread as it's been more than a few years since the original post (things may have changed). One of my PM's is encouraging her landlords to sign up to the BARCLAY MIS PROTECT & COLLECT service. The annual fee is $66. Asking the PM's out there, or any landlords who have used this service- is it worth getting?
I've recently started using Barclays and have found them to be fantastic- tenants seem to answer to debt collectors when they've got no problem ignoring a Real Estate Agency. I'm still doubtful of the benefit of the subscription if you're already paying for good Landlords Insurance, particularly as you're able to engage Barclays (at a greater cost) on an as-needed basis when a loss occurs.
Hi Shaz, 100% up to you. If you feel your investments carry a high risk of default I would recommend it. I've just had to lodge an application for a client who didn't have an account in place- lodgment fee was $302.50.
