The Managed App is a little different to what you're used to, in a good way. Due to how unique we are, we decided to list a few common questions we sometimes get from new investors when first signing up.
Q - Who is handling my money if my agency is no longer receipting it?
A - Nobody - there is no trust account anymore! Rental payments are processed directly between you and the tenant, bank-to-bank. There is no double-handling of your money, meaning no mistakes and better security!
Q - Why do you ask for other payment methods?
A - Some landlords prefer to use a credit card for their property expenses however this is optional. If you would prefer to use your rental income like your do now, simply select Pay via rent
Q - What is the Smart Wallet?
A - The wallet works in similar way to PayPal so you can hold rental funds in your profile to pay for upcoming expenses. If you'd prefer to receive rent in full instead, simply add a credit card for expenses.
The wallet is provided by our banking partner and funds are held at the banking level, just like any other bank account, under their Australian Financial Services Licence (AFSL).
Q - Why do I need to add my bank details again if you already have them?
A – This is for security purposes. Your agency will no longer collect and store your banking and/or credit card details. We just need you to re-enter them once and that's it. You can also update your payment settings at any time via your Managed App profile if you get a new account.
Q - I have multiple properties with different bank accounts. How does this work?
A - All your properties can be stored in the one investor profile. They can then be customised with ownership entities and payment settings set for each individual property. Learn more here
If you think of anything else you would like to know, you can chat with our team by clicking the little purple speech bubble at the bottom of your screen.