There are a great many checks that you can conduct on your prospective tenant, before they move into your rental property. A TICA check is the final piece of the puzzle which we will explain in detail.
How to check a Tenant's previous rental history.
You have an advantage. You, personally have met them at the viewing of the property. You are not relying on a Property Manger's assessment of them. Take the opportunity to ask them why they are vacating their current property, how long they have been there, etc. Your prospective tenant will complete an Application Form, if they are interested in applying for the property. All adults, intending to move in, should complete a separate application form. This will detail their employment, income, previous tenancies and personal references.
Firstly, their employment and income needs to be verified. Try to speak with their immediate supervisor, rather than the HR person. If need be, speak with both. You will glean a lot more from a conversation with their supervisor.
Their previous tenancy needs to be verified. If they have been renting through an Agency, you should request their rental payment ledger. This will show how many times their rental payments have fallen into arrears. Also, try to speak with the actual property manager, that has been looking after the property. Do not stop there. Do the same checks on the tenancy that they were in, prior to this one. If they have been tenanting a Private rental, speak with their previous Landlord to obtain this same information. Make sure that you verify the name on the ledger. Was it tenanted by just one or more of the applicants? If more than one is moving in, you need the information of all adults who will be occupying your investment property.
Personal References should also be checked. However, do you really think they will give a referee that will have something negative to say? If you are happy with all of the above checks, the next one is the search of the National Tenancy Database.
What is a TICA Check.
TICA is Australia's Number 1 National Tenancy Database. This is accessible to all subscribers. Most Real Estate Agent's subscribe to TICA. If they have a bad experience with a Tenant, they can have them entered on the database. This could be arrears, damage to or abandonment of the property. This will then appear on the database for the next Property Manager or Landlord to avoid the same issues.
Conducting a TICA Check with ReDIY.
As you will appreciate, Agents conduct a TICA check on all applicants. They have a yearly subscription with them. It is not economically worthwhile for a Private Landlord to pay for an annual subscription. They may only be required to conduct 1 or 2 per year. Private Landlords, can conduct a search, directly through TICA, but they charge more than we do.
With ReDIY, you can pay a small fee for one search. We also have small packages, that will save you some money. Please refer to our homepage for the full disclosure of our TICA Check costs.
It is very easy to process a TICA check with ReDIY. All you need to do is simply copy the information from your tenant's application form and submit it through our site. Before you know it, your TICA report will be downloaded to your dashboard on our site. A fast, efficient and cheap way to ensure your investment is protected.
Conducting a TICA check, before allowing a tenant to move into your valuable asset is so important. You need to be fully aware of their history, before handing over the keys to your property. You would not let just anyone live in your principal place of residence, so why treat your investment property any differently. With ReDIY, we give you access, for a very small fee, for you to be able to complete a TICA (National Tenancy Database) check, through our website, on your potential tenant. It is very easy. For a low cost, it will give you peace of mind.