When it comes to the necessary documentation for lease agreements, the South African property sector is a heavily regulated industry. Every year there is an increasing amount of legislation which companies are required to comply with, which becomes extremely expensive for businesses and individuals alike 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.
“We came up with the idea that individuals could subscribe to a Web site from which they could access current documentation with the assurance that it was up to date in terms of new legislation,” explains TPN MD, Michelle Dickens.
The LeasePack has been well received by the industry with over 1 500 versions already sold. This is not surprising considering that the pack offers an impressively comprehensive range of documentation at a nominal annual fee.
Subscription also comes with bi-monthly updates on industry affairs that subscribers may need to be aware of. As Dickens points out, this not only enables tenants to ensure their compliance, but also 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 both 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.
“We also wanted estate agents to be able to continue doing what they do best without having to worry about legislation and industry requirements – which is exactly what the TPN LeasePack allows them to do,” she maintains.