WITH affordable properties to purchase remaining out of reach of many in urban areas, renting is increasingly the only option available to a large percentage of the population. This has led to an increasingly booming rental market, where good tenants are highly valued.
However, the quality of the applicant taking up the tenancy on offer remains as one of the biggest concerns of any property owner looking to generate rental income.
A good tenant will ensure the property is well taken care of, utility bills paid promptly and in full, fittings and furnishings properly used and well-maintained. On the other hand, a poor tenant may not just leave the rent and utility bills unpaid, but also may damage the property which could lead to significant impact on the value of the property.
Seeing this as an opportunity, leading Malaysian credit reporting agency (CRA), CTOS Data Systems Sdn Bhd recently launched its CTOS Tenant Screening solution, the first in the market by a CRA.
A concerted move by CTOS to bring digital business solutions to more diverse industries across Malaysia, this tenant screening solution is a fully-digitised solution that offers landlords as well as property agents quick and accurate checks on potential tenants, resulting in a more reliable application selection process.
The CTOS Tenant Screening digital platform provides users with access to tenant screening reports that demonstrate the tenant applicant’s ability and willingness to pay their bills on time. The consent to get this report can also be done online. By using CTOS Tenant Screening reports, landlords will be able to receive background checks including:
- ID verification
- Financial checks
- Legal cases & bankruptcy (if any)
- KYC (Know Your Customer) screening including:
- Politically exposed persons (PEPs) watch lists
- Sanction watch lists
- Enforcement watch lists
- Adverse media watch lists
This may red-flag any pertinent information to reduce the risk of payment defaults, property damage and eviction hassles.
“In today’s economy, finding tenants for rental properties is a challenge and it may seem appealing to simply rent out properties to whomever wants them. However, having a bad tenant can outweigh the short-term benefits,” CEO of CTOS Digital Sdn Bhd, the holding company of CTOS Data Systems, Dennis Martin said during the launch.
“CTOS Tenant Screening reports provide real estate agents and property owners a single point of access to a tenant’s credit and identity at a glance, enabling them to choose qualified tenants with greater confidence.”
Meanwhile, the CTOS Tenant Screening report is available at 50% off from now till 31 March 2021, as a special introductory offer. A single report is priced at RM14.90 and a package of 10 reports for RM125, after discount. – Feb 10, 2021
