Hi all,
I’d like to offer my services to members of the site in the fun area of Landlords Insurance and Tenants both before you have problems and how to deal with problems you might have already.
As we all now rent is the life blood of investment property, its not much good to you if the tenants don’t contribute to the finance repayments. As most of you know your landlords insurance covers you in the event of a tenant leaving causing damage or still owing rent. However the insurance companies don’t really care about the tenant you or your managing agent put in the property. You pay your premium and in the event god forbid something goes wrong you pay the excess and you get SOME of the money you have lost back.
Now did you know that the tenant can be held accountable for your excess that you pay to make a claim?
Did you now that its possible to chase them for up to 12 years?Most agents should be running your tenants through some sort of tenant’s database to check them out. If you’re a private landlord without a managing agent you SHOULD be doing this to.
Hear is a simple check list that you should be doing as a private landlord or your managing agent should be doing for you;
• 100 Point ID Check.
• A correctly filled out Tenancy Application Form (TAF). Make sure they include ‘next of kin’ details and employment details.
• A search on a tenant’s database. I recommend Barclay MiS as they are not only a database but they are a debt collector who specialises in property collection and recoveries (i work for Barclay MiS so i know little about this area of property ivestment). However there are a number of others such National Tenants Database and Tica.
• Bond is collected at least 4 weeks and two weeks in advanced.
• The references on the TAF have been check and they are real if you or your agent are unsure then ask more references. To be honest the number of times we go over the TAF when we are collecting and find that the boss is in fact a friend is high.
• Also remember that whether it is $150 a week or $1500 a week in rent people will bend the truth and use every excuse under the sun to get out of paying there rent. And it can some times be a long and costly process to get them out if they don’t leave on there own.If you have any questions or would like some advice feel free to drop me a line or email me more than happy to help.
BDB
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