Conducting appropriate due diligence can significantly mitigate the risk of being targeted by ‘rogue tenants’ and maximise the return on a rental property investment.
In response to comments made by Metropole Property Strategists this week, Rent.com.au, Australia’s leading website dedicated to rental property, said many private landlords are simply unaware of the tools and resources available to them.
Focusing exclusively on the rental market for Australia’s growing number of renters (approximately 7 million, or 30 per cent of the population), Rent.com.au is focused on delivering excellent services for renters and marketers of rental properties.
In an article released by Your Investment Property, Metropole Property Strategist director Shannon David said that without access to national tenancy databases, private landlords greatly increase the probability they will end up with a tenant who will cause problems down the road.
“Private landlords run the risk of being targeted by rogue tenants. If somebody’s listed on one of the national tenancy databases then sometimes the only way for them to go is to find a private landlord because they don’t have access to those databases,” said David.
According to Rent.com.au, determining whether a prospective tenant is suitable or not is often left to chance, and based on first impressions, timing and price.
Now, landlords have access to information that was previously only available to the professional real estate industry.
Rent.com.au offers RentCheck, a fast, affordable and comprehensive tenant report that removes doubt and the ‘what ifs’ from decision making.
RentCheck makes the entire process easier and works to assist landlords to make the right decisions in securing reliable tenants and long-term rental income.
Taking the time to understand the rental conditions of a local area, national tenancy database checks and effective communication between landlords and tenants is critical for the large number of landlords who self-manage their rental property investments, said Rent.com.au.
Landlords can now use ‘RentCheck’ to screen potential renters before signing the lease to confirm items such as tenancy database history, identity, court records, rental payment defaults and bankruptcy.
Given the vital nature of verifying personal details for a rental agreement, Rent.com.au urges all landlords to adopt a proactive and stringent approach in carrying out the appropriate due diligence. This will help to mitigate the risk of fraud and avoid unnecessary stress by establishing that there are no hidden circumstances impacting rental payments, or damage to a property.
The RentCheck service is also used directly by renters, who obtain their own reports to elevate their chances of obtaining a preferred property.
RentCheck is backed by Australia’s largest credit reference agency. Each RentCheck report costs $35 and is issued immediately via email.
Whether you’re looking for your next rental, products or services to assist in the process or tips and advice, Rent.com.au can help. Visit rent.com.au today