When it comes to the necessary documentation for lease agreements, the South African property sector is a heavily regulated industry.
Individuals using TPN's Lease Pack can subscribe to a website from which they could access current documentation with the assurance that it was up to date in terms of new legislation.
There is an increasing amount of legislation which companies are required to comply with, which can become expensive for businesses and individuals to continually update their documentation.
In light of this concern TPN, South Africa’s only registered credit bureau catering to the rental market, has developed a LeasePack. The first of its kind in South Africa, the TPN LeasePack is based on the belief of strength in numbers.
TPN Managing Director, Michelle Dickens says the idea is that individuals can subscribe to a website from which they could access current documentation with the assurance that it was up to date in terms of new legislation.
The LeasePack has been well received by the industry with 1 500 versions sold. This is not surprising considering the pack offers a comprehensive range of documentation at a nominal annual fee. Subscription comes with bi-monthly updates on industry affairs that subscribers may need to be aware of. Dickens says this enables tenants to ensure their compliance and makes them aware of their rights. To this end, all documentation and information released by TPN is worded in plain and simple language, cutting through complicated, technical jargon.
Landlords and property managers are also able to purchase the Lease Pack in PDF or Word version, so that they have the option of editing clauses if necessary.
“We wanted to promote a certain set of standards within the industry,” says Dickens, elaborating on the motivation behind TPN’s innovative initiative. She says they wanted estate agents to be able to continue doing what they do best without having to worry about legislation and industry requirements.