TICA is a familiar term to the majority of property investors. The Tenancy Information Centre of Australia, it’s street name is “The Black List”. But how effective is TICA really?
I’m Kylie from Welcome Home Rentals and we know that finding out who a tenant really is involves a lot more than a TICA search.
To be listed on TICA, a tenant must have vacated the premises and left money outstanding and only after a ruling from a magistrate. Even then a tenant must be given 7 days notice prior to be listed! It’s insane!
The entire process may take between 6 and 8 weeks depending on how busy the courts are and by then, that tenant has most likely fooled another property investor or property manager into renting to them again.
Some landlords are so burned financially by a tenant that the idea of fighting in court, and possibly losing even more money in lodgement fees, is just too much to bear meaning tenants get away with it.
TICA is good but it shouldn’t ever be relied upon as a guarantee.
In addition to searching TICA, your property manager should be calling references, checking ownership details on RP Data, verifying employment, calling personal references and even doing a little investigative work on Facebook and Google.
The most important thing you can do is to select the right tenant in the first place. For more ideas on how to choose the perfect tenant, subscribe to our videos.