I asked about them in another thread here Barclay MIS Debt Collectors because they came to our office offering their services. I didn't end up going ahead with it - sounds great in theory, but upon further pondering wondered how good it'd be in practice.
Thanks for the feedback DT and yes that's what I was suspecting. I have a few IP's around QLD and one particular PM has always encouraging me to take the insurance, I thinking they must be getting a kick back. Investing for 8 years now and haven't lost any substantial amount to date....... Touch wood. .
Omg don’t say No to Barclays. For $66 they intervene in evictions as well as the property manager and they chase debt. They take no margins in recovered debt, other debt collectors will take 50%.
If a debt collector is not taking a margin of the collected debt, then they only make money on memberships..... Its a lot easier to sell the sizzle than it is to cook the bacon. What motivates them to do anymore than send a few letters and texts to chase debts when they already have the fee paid..... pinkboy
I get the impression there is more to this than $66 a property per year. Thats all the owner pays IF the tenant pays the full claim. And it may rely on a LL policy if a claim fails otherwise. http://barclaymis.com.au/brochure/Protect_and_Collect.pdf However I suspect they rapidly load fees to the defaulting tenant and they pay for the tardiness. Its not spelled out but I may argue that unpaid rent may rapidly attract notices, fees for notices and service of notice and so on. So for $66 it may quickly encourage some to pay. if the weight is heavy and serious. And the T&C seems to indicate if less than 100% is received then Barclay and the LL shall each get pro-rata. So the $66 may not be the sole cost BUT perhaps with LL cover it may ? Their other service to vet tenants seems to be tied to the agent reporting all defaulters too. Barclays win when agents are involved.
I too would love to use a debt collecting agency for dud tenants. I assume it's not possible but a service that chases debts for no fee upfront and a decent percentage would be great. Makes them work hard Or am I dreaming
Your dreaming because debt recovery costs a lot of money and time with little chance of recovering any money at all.