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Thread: Rental deposits

  1. #1
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    Rental deposits

    For the landlords out there, I'm curious as to how you handle your security deposits from tenants, do pay back the deposit + interest at the end of the lease? I've never agreed to that in a lease and just pay the amount and skim the interest for myself, is this legal?

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    According to the Rental housing act, the deposit needs to be kept in an Interest bearing account for the tenant. So yes what you are doing is not legal.
    https://www.google.co.za/url?sa=t&rc...74115972,d.ZGU

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    Basment Dweller (04-Sep-14), dellatjie (24-Jun-15)

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    Ok thanks for the update, and thanks for the pdf, I'm currently reading it and will keep it on file.

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    Hi, this is a better document from legal aid https://www.google.co.za/url?sa=t&rc...74649129,d.ZGU

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    Basment Dweller (04-Sep-14), dellatjie (24-Jun-15)

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    VERY useful thanks! Do you haven any other goodies for landlords?

    How do you handle tenants who pay late every month but pay eventually, do you let it slip and 'work with them' or do you start the eviction process the day they are late? I've heard differing views from different landlords.

    Also what's the eviction process like? Is it worth going through it as a landlord?

  8. #6
    Email problem Phil Cooper's Avatar
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    Hi

    Register with TPN (Tenant's Profile Network) (http://www.tpn.co.za/Guest/home.aspx). Costs you nothing unless you use their services - which are GREAT.

    When you confirm payment from the tenant, they get an email saying they are on time.

    IF they pay late, they get SMS saying he is late, and this affects their rating, etc.

    You can blacklist tenant's name with credit bureau, check a potential tenant's credit record (at a fee) - al in all a brilliant company.

    Well worth signing up.

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    Basment Dweller (04-Sep-14)

  10. #7
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    Thanks Phil,

    TPN is great I've used them before for credit checks but never had a look at their other service offerings, I've just sent them the registration forms for my rental company.

    Quick question, what's stopping the landlord from falsely reporting late payments with tenants?

  11. #8
    Email problem Phil Cooper's Avatar
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    Called defamation if the tenant finds out?

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    Gold Member Houses4Rent's Avatar
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    I responded yesterday as post #2, seems to have gone into a black hole and would like to know why?

    We use TPN all the time, definitely the best source of info and support systems. Since we are different than then the bulk we cannot use all their good products, but its the best out there in my view. I know the CEO fairly well.

    Letting is a business, not a charity so a (constant) late payer needs to be brought in line. Eviction is too costly and overkill in this case. Why not just wait until lease expires, do not renew it and find a better tenant with the help of TPN or a decent letting agent. Of course, the later is probably even harder to find than a decent tenant...
    Houses4Rent
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  13. #10
    Gold Member Houses4Rent's Avatar
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    Quote Originally Posted by Basment Dweller View Post
    Quick question, what's stopping the landlord from falsely reporting late payments with tenants?
    What purpose would it serve other than creating yourself serious headaches?
    Houses4Rent
    "We treat your investment as we treat our own"
    marc@houses4rent.co.za www.houses4rent.co.za
    083-3115551
    Global Residential Property Investor / Specialized Letting Agent & Property Manager

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