Letters of Demand
It feels like sometimes Property Managers are bombarded with too much regulation: EAAB Act, National Credit Act, Sectional Title Act, Rental Housing Act, Debt Collectors Act….
The National Credit Act (NCA) regulates credit bureaux and we need ensure our members are compliant. I would like to remind Property Managers and Landlords that before you are entitled to blacklist a tenant you must:
- Issue a letter of demand which specifically states that should the account not be settled, your intention is to update adverse information on the credit bureau.
- Wait a minimum of 20 business days from the date you sent the letter of demand stating your intention to blacklist.
If you blacklist the tenant without following the above steps and the tenant disputes the blacklisting with the credit bureau – TPN will be obliged to remove the adverse blacklisting from the tenant’s profile.
The tenant could also have a damages claim against you which could result in you paying damages to the tenant. (Even if they do owe you outstanding rent)
Vacancy Survey 2023 Q3
The demand for residential rental property remains strong. Vacancies have declined nationally to 6.76% in the third quarter of 2023, the lowest since 2017. Despite a constrained economy, tenants have continued to meet their rental obligations with te…