Cape-based Metropolitan Group`s property division, Metropolitan Properties, and Transnet`s property division, Propnet, are using Global Technology`s Tenant Profile Network (TPN) for credit inquiry on prospective tenants. Aimed at the residential, commercial and industrial sectors of the property market, TPN is the only Internet-based tenant tracking service of its kind in the country.
It allows Metropolitan Properties and Propnet to view potential tenant information before leasing or renting property, considerably reducing the risk of placing unsuitable tenants.
Metropolitan Properties develops and maintains premises for its clients across the corporate spectrum, offering expert guidance in property investment and management.
As a subsidiary of Transnet, Propnet`s core service is to sell, lease or develop any surplus property holdings not used for core business operations, such as the land alongside railway lines. Propnet currently manages a portfolio of over 2 500 debtors.
"Estate agents typically use general consumer credit reference companies to verify tenant creditworthiness, although this only provides account payment information and does not reflect the individual`s creditworthiness as an occupant or their payment record with regards to leasing. Since August 2001 TPN has also had access to the ITC, giving users access to a comprehensive database," says Alan Williams, CEO of Global Technology`s services division.
TPN supplies company director and member details, as well as company and close corporation information. This includes company status, registration number and track record, which allows estate agents to ensure that the lessee has the authority to sign a lease and that the company has not been liquidated. Information on individuals includes defaulted payments listed by other agents, as well as concerns such as previous damage to property or late payments.
"Although we use the services of credit reference bureaus to ensure the creditworthiness of potential lessees, TPN gives our brokers access to a database of lease records, pointing out potential problem lessees before further negotiations are held or before a lease agreement is concluded," says Rob Billett, brokerage manager at Propnet.
Shaun Crous, leasing manager for Metropolitan Properties, says TPN has been a useful decision-making tool, ensuring a more informed tenant selection process when leasing and managing commercial and industrial property. "TPN, in conjunction with other tenant profile sources, reduces the risk of signing agreements with unsuitable or high-risk tenants. It provides a business benefit that cannot be overlooked," he says.
Subscribers, via username and password, can access the network on registration with no upfront costs. The service is made available through low monthly service and enquiry charges.
"TPN encourages agents to capture defaulter information. Although there is no assurance that listed tenants will reform and make good their debts, it does provide leasing agents with a method of effective management," Williams concludes.
Share
Editorial contacts