Have you ever been through the ringer with a ‘tenant-from-hell’? Are you frustrated with how biased the system is towards tenants instead of landlords? Do you ever wish there was a way to give lousy tenants some well-deserved payback? How about a way ...
Have you ever been through the ringer with a ‘tenant-from-hell’? Are you frustrated with how biased the system is towards tenants instead of landlords? Do you ever wish there was a way to give lousy tenants some well-deserved payback? How about a way to reward good tenants for paying their rent on time and taking care of your property?
If so, you’re going to LOVE this episode!
Retired corporate lawyer turned entrepreneur and Top Forty Under 40 winner, Zac Killam is now CEO of Landlord Credit Bureau (LCB), Canada’s only company that turns rent payments into a credit building exercise. Zac is also a landlord and Co-Founder of a national real estate investment fund and a property management company. LCB empowers landlords to improve their revenue, reward tenants, and reduce risk.
In this episode, Zac shares about what Landlord Credit Bureau can help landlords with, especially when it comes to finding ways to encourage good tenants while preventing and stopping irresponsible and delinquent ones.
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What you’ll learn in just 17 minutes from today’s episode:
01:07 – What does the Landlord Bureau exist for, and what is its mission
04:08 – What landlord needs do the bureau fulfill
05:11 – How does the (PPEDA) Personal Information Protection Electronic Documents Act protect landlords
07:24 – What real significant impact does Landlord Bureau make
11:24 – How to get started with Landlord Bureau in registering your tenants
12:38 – Is there a need for tenant’s permission to put their records in the system
13:58 – What purpose do these consent causes and notification clauses serve
14:46 – What happens when tenants don’t opt-in?
15:45 – How can landlord join the Landlord Credit Bureau, and how much costs are involved
17:00 – Reward for responsible behavior
“The landlord credit bureau, it’s doing just like other credit bureaus, such as Equifax, or TransUnion, we’re bringing accountability and transparency and balance to our industry being the real estate industry.” – Zac Killam
“What Credit Bureau is doing is we are essentially a central repository of tenant records. So, landlords can register their tenants with us and then report their monthly payment habits. This then forms part of the tenant resume or the tenant record, which is then accessible to future landlords, when they’re looking at an application to potentially rent out their unit to an individual.” – Zac Killam
“The Bureaus are governed by the legislation called PPEDA, the Personal Information Protection electronic documents act. They allow landlords, credit grantors to report to bureaus if they’re doing so for the purpose of collecting a debt. For tenants suing for whatever, anybody could sue for anything, but they’re not going to win.” – Zac Killam
“One important note to touch on is the real major impact of what Lana courier is doing is it’s managing tenant behavior after they move in. So, what I mean by that is, we’re enabling landlords to register a tradeline on each of their tenant’s credit reports. So, what this does is, it impacts their credit scores monthly based on if they choose to pay their rent or not.” – Zac Killam
“I looked at Landlord Credit Bureau, I found and thought this is brilliant. It’s allowing me to reward my good tenants, the tenants who are just being responsible, and just adhering to the terms of their contract. And it’s enabling me to stop the delinquent tenants who are choosing to be so. It allows me to do that by registering this tradeline on their credit report with Equifax in Canada. Tradelines have an impact upon your credit rating or your credit score.” – Zac Killam
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