Mid month Pay Out (disbursement)

ok...

what if... the platform allows you to send other PMs ledgers just by putting in an email and clicking a button. Don't need to print save as pdf attach to send tenant ledgers.

Payslips can be photoshopped. Even if the tenant pays rent perfectly on time but complain at a drop of a hat for anything and cause other PMs a ton of trouble? That is they get an A+ rating in terms of paying rent on time but are a D in other aspects of being a tenant.

what if at the end of a lease when tenants move out the platform asks the PM/landlord questions and rate the tenant also asks a simple question like would you rent to this tenant again? yes no.

All data is pooled and shared with others who use the platform so when there's a vacancy "good" tenants can be notified. In case they wish to rent from you thereby reducing the vacancy times and increases the chances of getting a good carefree tenant (weeding out bad tenants)?

 

So basically you're trying to create a residential tenancy database now. Have you thought about how you're going to comply with legislation on that?

 

Only it's free to access as it's built into the platform, showing you at a glance how risky the tenant is based on data as well as previous PM's feedback on the tenant.

Did uber and airbnb think about legislation or they just went with it?

Anyways it is hoped the platform will completely eliminate the issue of chasing tenants for arrears.

 

Yeah they both did.

It would be a very stupid if you didn't. Are you familiar with the rules around databases? Your clients (and you) would be facing some serious fines if your database isn't compliant.

 

start with these rules first - Tenancy Tip Thursday - Tenant Databases

 

Yeah we do follow those to the letter.

How much data does is provide in their DB? Just intel on arrears only?

How easy is it to submit data, how accurate is the data? How does it handle same names with the same DOB?

How expensive is it?

All of these I see as being high barrier to use + not user friendly = not effective = tenant's advantage... You guys are not getting the big picture.

"either the tenant owes the landlord more than the bond, or the Tribunal has made an order terminating the residential tenancy agreement."

What if tenant games the system? owes you 1c less than the bond. can't do anything about it. The whole system advantageous towards the tenant.

 

You can already do this with ledgers.

There's plenty of tenants that get A+ for payments, but aren't good tenants. This is where verbal references come in. How would your system stop dishonest agents?

Again, I would still call for a verbal reference.

The databases will confirm whether they've had any court listings, bankruptcy and black marks against their name (similar to a credit check, but not as detailed).

Submitting is easy, but the laws to allow you to list are difficult. It cross checks the persons name, DOB and ID.

Pretty cheap, actually.

That's correct, you cannot list a tenant unless they owe more than the bond. Again, this is the LAW which you cannot circumnavigate because you want to.

I do agree that the system is tenant orientated in many respects, but unless you're going to change the law you need to work within it.

 

Oh ok... BUT does your tenant ledger show you how many days late a tenant paid their rent?

The platform I am trying to make is geared around tenants wanting to proactively pay rent on time. This inherently reduces workload for PMs... some pms may enjoy door knocking, texting and calling but I think most don't. Imagine a river where there are two streams where the fish (tenant) can swim towards. The platform will make the fish want to swim in one path (being a good tenant) as opposite to the other. I see PMs at the moment trying to grab the fish one by one and try to push them towards one path and that's very painful.



The system stops dishonest agents (both false positives and false negatives) by using a complex mathematical algorithm that's top secret but basically it knows if the agent is making up fake data, it also won't alert the agent it just doesn't put as a heavy weight or any weighting on it at all on their data.

 

Yes, it does. It also shows the $ amount they were in arrears by based on the daily rate.

I don't know how it would know the agent is making up fake data, when in the previous post we discussed that a tenant can be a bad tenant, but still pay their rent on time. Often this isn't entered into any system and is based purely on the agents experience.

 

How does Pms and owners refer to mid month payments?

Mid Payments
or
Mid Month Disbursement
or
Mid Month
or
Mid Month Payment

If you put Mid Month Disbursement as a payment reference will owners understand what that is?

 

Or none of the above? It's just a disbursement, it will show the date on the statement but won't have a reference.

 

Sometimes just shown as "Payment to owner"...Usually bottom line
Other one is when a expected payment to a owner is withheld for a disbursement that is coming (ie large repair). It rolls into the start of the next cycle as a credit balance. Using the term "disbursement" isnt a good choice for owner monies rather its better used to describe a payment of owner money for a specified purpose.

 

so Mid Payment or Mid Month Payment is best?

 

Do you really think thats an issue when you don't have a foundational understanding of trust account mechanisms yet?

 

I do. Test me lol

also not an "issue" just always trying to improve that's all.

 

I have another question regarding payments:

Normally when you process a payment (use owners money to pay for something, like water bill, buy something) that's called Payment. Paying owners at the end of the month is also a type of payment.

My question is when you used your own money and buy something for them. Then at the end of the month this is also a payment however the money should end up in your account. Your account balance should not only be just the commission + gst and expenses + gst but also this additional payment (no gst).

Is there a special term for this Payment?

 

99.9% of the time I will not pay an invoice on behalf of a client. You'll find pretty much every company is the same - regardless of whether it's a REA or another type of business.