If a rental application gives you there latest pay slip. would you be ok with this as proof of income or would you still want to talk to there boss to confirm wage and employment?
Hi Russell, welcome to the Forum
I would still confirm with the employer that they are still working there and their wage. It is a simple phone call and can save plenty of grief.
It’s a good question @Pure-Rentals.
At Wendells we don’t accept pay slips, we ask for Bank Account Statements to prove income, (pay slips are too easy to manipulate)
I also agree with @terrihandy, we call the employer so we get not only a reference of job stability, but also a character reference. We ask things like "Have you been to their home? How do they keep it? or “Do they have a company car, how do they maintain its cleanliness etc”. The opportunity to build as accurate a profile as possible is important I feel.
Just my 2 cents however. Love to know what everyone else is doing! We took our ques from the banks / credit departments when they are taking out any financial liability, pay slips alone are not enough. You want to see it in the bank!
Hey @Pure-Rentals - I think at the moment I’d follow the banking industry who still asks to speak to an employer to verify current employment. I figure they have our bank statements and credit history and still don’t seem to 100% KNOW that we still work where we say we do, so if they don’t know, I’m not sure how we can without talking to the employer (which clearly they could lie/manipulate etc but it’s a part of the evidence building).
However, I’m getting rid of the 100 points of ID thing. Again, if I can do almost anything with my licence
and passport, why do we put our tenants through so many hoops. I think if we have a ledger + rental reference + licence that matches their address + we’ve verified employment and googled them…it’s probably enough.
I like the idea of the tenants building a “Renters Profile” with a central Database. It makes no sense why they have to fill in dozens of different forms, get references etc…
At the NZ conference we had the team from https://umanest.com/ they are in this space, very cool product and I hope it takes off and all our tenants can take their good renting history with them! Imagine how much time it would save us as agencies also!
REA over here are building this too @ashley.giles. Said they’re looking at the full tenant leasing and sign up process. Will be interesting to see whether they can do it and how fast.
renters profile is the way to go, we have created this http://www.rentalq.com.au/ about to launch to australia once we finish testing. going to make life a lot easier. don’t currently have employment checks in the system but will add over time thank for the feedback.
Thanks for sharing this @Pure-Rentals. Very interesting. How are you going to get leverage in the marketplace? Are you aligning to a major player?
HI @adam i have had initial talks with a couple of portals but I’m not sure how I want to proceed at this stage. Our marketing strategy initially didn’t include aligning with any portals. we have over 100 agencies wanting more info and to test the system so not really concerned about growth at this stage.
Wow! That’s an excellent idea. So will this be available Aust wide or is it a private app for your business?
free for everyone in Australia to Use, app about to go into Itunes and just working on the agent dashboard Views now i think i have attached a view of it here .