Rent collection is one of the most important aspects of any property management system and myRent brings several unique enhancements.
myRent gives two great option - DIY Rent Collection and Hands-Free Rent Collection
Connect your bank account (optional) and our system will automatically identify incoming rent and add them to your rent statement. Our system will scan your transactions for incoming rent and automatically allocate them to the correct property and tenant. You'll be notified when rent is received or if an expected rent payment was missed.
Hand-free rent collection service is designed to save landlords time and hassle collecting rent. myRent collects the rent, reconciles, chases arrears and notifies you when the payment is received and on the way to your account. We now how important to receive rent on time, so here at myRent we want to get it to you as fast as possible. Rent is transferred to you the same day it's received. This option is available for additional $10+gst per month. The benefit of this offer are discussed below:
Easy rent payments reduce arrears
Tenants set up their default rent payment method at the start of the tenancy and have options that are not usually available such as credit card and debt card (at no extra cost to the landlord). Tenants can change their payment options at anytime through their dashboard. Tenants with qualifying cards can collect points. Making payments easier for tenants, along with flexible and easy to change payment options, helps to reduce rental arrears.
Complicated payments reconciled for you
If you have multiple tenants, such as flatmates or a couple who split rent payments, then myRent automatically manages this process for both the landlords and tenants. Each tenant will setup their payment method and rent will be collected from them individually. You have complete transparency on how much each tenant pays and when. myRent's systems also handle part payments and over payments by correctly reconciling and assigning them to the appropriate rental period.
Reminders to reduce accidental missed payments
myRent tenants automatically receive a friendly reminder 2 days before their rent is due. This dramatically reduces accidental missed payments by giving the tenants time to check their bank account or card and make sure sufficient funds are available. Tenants are also able to update their payment method before the due date if required.
Fast payments to the landlord
As landlords with mortgages we know the frustrations of not receiving rent promptly: it’s your money and we want to get it to you as quickly as possible. When you setup your account you will provide us with your bank details for rent payment. After we have collected the full rent payment from the tenant(s), and it has cleared in our account, it is transferred to you within 3 working days. In the majority of cases this happens the next working day. You will receive a notification from us when rent has been collected and is on the way to your account.
Complete visibility and control
From your myRent dashboard you can see a full record of all the past rent payments and the next due payments under the rent tab. Landlords can change the bank account that their rent will be paid into and tenants can adjust the rent split between themselves as well as their default payment methods. Your dashboard is available 24/7 anywhere you have an internet connection from a mobile, tablet or computer.
Simplified rent reviews
Rent reviews are part of the tenancy renewal process and as the landlord you have control of the process. The system will guide you through the renewal process and, once agreed, will automatically calculate and adjust the rental amounts from the renewal date.
Hands free record keeping
As a landlord you are legally required by Tenancy Services to keep records of all documents including rent payments for 12 months after it ends. IRD requires record of rent and bond payments for 7 years. Landlords are also required to produce rental statements for the tenant whenever requested. When you use myRent this record keeping is done for you.
Missed payment follow-up
Should a tenant's rent payment fail to arrive on our system, we will follow up immediately (on the same day rent is due) for failed card payments and the morning of the next working day for bank transfers. Missed payments by card can be resolved immediately rather than waiting overnight (or longer) for a bank transfer to clear.
Flexible approach to arrears
If you have already been a landlord for sometime, you will have experienced the unfortunate situation of a tenant not paying rent. Every landlord has their own way of dealing with this - some proceed with the most aggressive legal approach while others prefer to negotiate with the tenant to find a solution. If the tenant has not corrected a missed payment within 1 day of payment date we will inform you. From there, we can then serve an offical Notice to Remedy, negotiate for you, or you can take over and deal with the tenant directly.
The myRent automated rental collection system means that rent is collected efficiently and securely while tenants and landlords are kept up-to-date with non-intrusive notifications to ensure everyone is informed throughout the tenancy.
We’ve made paying and receiving rent simple, efficient and secure - the way it should be.