In any investment there is a risk and fear factor. In the property market, defaulting tenants are something that every landlord fears.
The greatest risk and fear factor for landlords is that of a tenant not paying their rent or damaging the property. The facts are that default tenant’s place a financial burden on landlords.
Many landlords do not realise that they have rights and protection systems available to them.
A lot like credit checks when applying for a loan or credit card, TICA provides tenancy history checks when tenancy applicants apply for rental properties.
TICA has over 6,000 members covering every State and Territory throughout Australia accessing its databases and default tenancy control systems to seek the latest information on tenancy applicants.
Members of TICA can register default tenants within its Tenancy History Database warning other Real Estate Agents and placing themselves in a position to re-coupe any outstanding money owed by default tenants.
TICA also has its Virtual Manager System available to its members to allow the ability to monitor their tenant’s activities.
TICA also has its Landlord Insurance policies available through its members, when compared to other similar policies you will be pleasantly surprised by the price and benefits offered.
When selecting a Real Estate Agent and Property Manager you should ask them as to what steps they take when vetting tenancy applicants.
Personal references are not worth the paper they are written on. When was the last time you had seen a bad personal reference?
Make sure all your tenancy applicants are screened through TICA, Australia's Largest Tenant Database.
We trust that as a landlord you will appreciate the vital service that the TICA offers its members. We also trust that you will appreciate the members that use TICA's National Risk Management System.
Important Note: There is only one largest National tenancy database covering every State and Territory in Australia and that is TICA, beware of others attempting to mislead the industry and landlords.
TICA is Australia's Largest Tenancy Database and truly National.
|Request to List|
A landlord may request to add information to the TICA Tenancy History Database at anytime for a one off fee per tenancy.
All requests are vetted individually and must meet the minimum criteria necessary before being accepted.
Listed below are some of the requirements:
|All individuals to be listed must have a minimum identifying information of Given name, Surname and Date of Birth.|
|All individuals must named as a tenant on the tenancy agreement.|
|The listing must comply with any State Legislation.|
|The landlord must give the individual/s they wish to list 14 days notice to rectify before listing on a Tenancy History Database. This notice can be sent to the last known address. This does not apply if the landlord cannot locate the person after making reasonable enquiries.|
|The landlord agrees to notify TICA of any changes with respect to debts being fully repaid or tribunal orders issued.|
|The landlord agrees to provide references to any member that may contact them and accepts all legal liability in relation to the database listing.|
TICA's landlord insurance is marketed as a Landlords Extra Protection (LEX) policy.
|Prices & Excess|
|Yearly Premium Prices|
|Default Rent - Up to 15 weeks|
|Legal Liability - Up to $20 million|
|Fire & Explosion deliberately caused by the tenant to the Building or Contents - Up to $50,000|
|Loss of Rent - Up to 52 weeks|
|Landlord's Contents - Up to $30,000|
|Deliberate, Malicious or Intentional Damage by Tenants, including Theft by Tenant - Up to $50,000|
Claims are subject to the following excesses:
|Theft by tenants||$250.00|
|All other covers||NIL EXCESS|
Selecting the right Landlord Insurance policy is just as important as selecting the right tenant. Landlord Insurance should not be the only form of risk management but a part of easing the possible financial burden placed on landlords not only by a defaulting tenant but other unforeseen events that may occur.
Three main things that most people look for before taking out an Insurance Policy cover are:
Our insurance policies are competitively priced to cater to property investors needs. TICA recommends reading the Product Disclosure Statement to make an informed decision when comparing policies.
2. Cover offered
Have a full understanding of what the policy covers and under what circumstances you can claim.
3. Excesses payable
Do you or your landlord’s know the excesses payable on various claims under their policy?
The excess payable quite often determines whether a landlord is willing to claim on their insurance policy. High excesses may diminish the value of having an insurance policy and does not sufficiently diminish the burden left to be carried by the landlord after the insurance has paid out.
We believe TICA offers one of the best Landlord Insurance policies to the industry underwritten by one of Australia’s largest Insurance companies The Hollard Insurance Company Pty Ltd
TICA’s Landlord Insurance policy, titled “Landlords Extra Protection Insurance” (LEX) is the most competitively-priced policy offering what we believe is the best coverage and excesses. POEP Insurance offers your landlord an affordably priced policy, wide coverage and low to nil excesses on all claims.
Criteria for Requesting/Accepting Cover:
|Rent is under $1,250 per week|
|Property must be managed by a licensed agent or equivalent|
|Tenants are not in arrears at the time of request|
Property has proved a relatively secure investment within Australia.
Generally speaking, property is considered a fairly low-risk investment with some major tax advantages.
When investing in a rental property you should speak to your accountant about the deductions you may be eligible to claim when completing your tax return. Some deductions may include but are not limited to:
|Property agents fees and commissions|
|Servicing costs, for example, servicing a water heater|
All information above is general information, and has been prepared without taking anyone’s objectives, financial situation or needs into account. Because of that, TICA recommends all interested parties speak to an accountant for further information.
The inclusion of advertisements, pointers and hyper links to other web sites operated by third parties are not under the control or responsibility of TICA. A display of advertising does not imply an endorsement or recommendation by TICA.
|Are you claiming enough off your tax?|
|If you own an investment property and you haven't had it professionally assessed for depreciation allowances, chances are you are paying too much tax.|