All Topics / General Property / Property Management Quick Tip – The Benefits of Using Tenancy Databases

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  • Profile photo of XeniaXenia
    Participant
    @xenia-alexarealestate
    Join Date: 2015
    Post Count: 21

    Tenancy databases are online databases used by property management professionals to check tenant details as part of a screening process for tenant applications.

    Aside from the benefits of using databases as screening tools to assess the financial risk of a given tenant, tenancy databases also have the added benefit of listing tenants who have not paid rent, water invoices or other charges as stipulated by tribunal orders or the agency.

    The main benefit to the landlord for listing a defaulting tenant (aside from warning other real estate professionals about the risk of the tenant) is that the debt remains on the database until it is paid.

    In our agency we’ve had tenants approach us several years later to arrange a way to pay the debt back so that that the debt is recorded as paid on the database – makes it easier for a tenant to then rent again.

    The best way to recoup an arrears debt is off course through landlords insurance, however recording bad debt on a tenancy database also gives the landlord some chance of recouping the debt even several years later when the tenant needs to rent again but finds that they are often getting rejected.

    Xenia | Alexa Real Estate Pty Ltd
    http://www.alexarealestate.com.au/
    Email Me | Phone Me

    Adelaide Property Manager

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Yes we have used TICA for years not only for our personally owner properties but for our agency stuff.

    It is a National Data base and as we are expanding the BA service nationally next year it helps keep track of Tenants Australia wide.

    There are a few legal options if the Rent Default on your Landlords insurance doesn’t cover you but would only consider these as a last resort depending on the amount owed.

    Cheers

    Yours in Finance
    0-40 Properties in a decade. Ask me how.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
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    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of XeniaXenia
    Participant
    @xenia-alexarealestate
    Join Date: 2015
    Post Count: 21

    Hi Richard
    thanks for your comments. Have you expanded your finance business to include a buyers agency? What are you doing TICA checks for? Investment properties you purchase?

    Xenia | Alexa Real Estate Pty Ltd
    http://www.alexarealestate.com.au/
    Email Me | Phone Me

    Adelaide Property Manager

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Xenia We have been Licensed agents since 2002 and incorporated a National Buyers Agency service into the Company in 2011 which Jacqui heads up.

    We have about 420 properties under Management thru another entity and looking at expanding that interstate next year.

    Cheers

    Yours in Finance
    0-40 Properties in a decade. Ask me how.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of XeniaXenia
    Participant
    @xenia-alexarealestate
    Join Date: 2015
    Post Count: 21

    Xenia We have been Licensed agents since 2002 and incorporated a National Buyers Agency service into the Company in 2011 which Jacqui heads up.
    We have about 420 properties under Management thru another entity and looking at expanding that interstate next year.
    Cheers
    Yours in Finance0-40 Properties in a decade. Ask me how.

    Now that is just awesome news. Now I have rent roll envy Richard. ;)

    Xenia | Alexa Real Estate Pty Ltd
    http://www.alexarealestate.com.au/
    Email Me | Phone Me

    Adelaide Property Manager

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Don’t worry when we open in Adelaide next year will buy you lunch and say g’day.

    Cheers

    Yours in Finance
    0-40 Properties in a decade. Ask Me how.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of XeniaXenia
    Participant
    @xenia-alexarealestate
    Join Date: 2015
    Post Count: 21

    Don’t worry when we open in Adelaide next year will buy you lunch and say g’day.
    Cheers
    Yours in Finance0-40 Properties in a decade. Ask Me how.

    would love to meet you Richard – we’ve been chatting on here for years.

    Xenia | Alexa Real Estate Pty Ltd
    http://www.alexarealestate.com.au/
    Email Me | Phone Me

    Adelaide Property Manager

Viewing 7 posts - 1 through 7 (of 7 total)

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