Verify your tenants’ financial situation in real time!

COVID-19 in Australia has seen unprecedented steps by the government to protect residential and commercial tenants from being evicted. Most states have passed laws encouraging landlords to negotiate a temporary rent reduction if the tenant has experienced a loss in income, both residential and commercial.

This poses a range of challenges for agents managing properties such as:

  • How do I confirm that a tenant has lost income since COVID-19 and the percentage lost?
  • How can I do this without access to personal information I don’t want to see or store (e.g. banking information)?
  • How do I find time to work this out with so many tenants?
  • How do I convey a proposal to the Landlord?
  • How do I know if the tenants situation changes (e.g. income increases, no longer stood down etc)?

The solution – Rent Assessment Manager (RAM)

RAM is a custom built solution to enable tenants to prove their income changes via their bank statements. Tenants simply log on and provide their previous and current income, upload their bank statements. RAM will output a report to the agent that either confirms or denies the stated change in income as well as a suggested rent.

RAM provides the following benefits to agents;

  • Send tenants that request a rental reduction to RAM or integrate it into your existing tenancy management application
  • Save time and money reviewing each tenant’s income change
  • Gain a report on their previous income, current income, whether it is has been confirmed and a proposed new rent
  • There is no need for the agent to access the bank statements themselves to remove any financial advice issues
  • Gain access to a portal where you can check and review each tenant’s results
  • Each tenant can upload their banking statements on a regular basis so that increases in income are picked up

Tenant provides previous and current income

Tenant uploads bank statements

RAM outputs report verifying tenant’s income and suggested rent.

Contact Us

If you’re interested in our suite of real time verification solutions, talk to us about integrating a Vidual solution for your business.