How do you get your tenants to pay their rent and reward them at the same time?
Imagine for one moment you’re a rat in a cage. You get rewarded with a slice of cheese for pressing a button. So you press that button again and again. Another rat presses a button and instead of receiving a cheesy treat gets an electric shock. Hapless Ratty never touches that button again.
When it comes to changing behaviour there are two main options: positve or negative reinforcement. While people renting private properties don’t live in cages they do have something in common with the second rodent. If they don’t pay their rent they get blacklisted (shock treatment). But if they do pay , here’s the crux, they don’t get the cheese. That was until now.
Azania and Africa from 702/CapeTalk’s Weekend Breakfast spoke to Michelle Dickens, the Managing Director of rental property agency TPN. They have rolled out a system that gives good tenants positive reinforcement.
TPN is a registered credit bureau. Here’s how it works:
- A landlord registers their tenants
- The data base records and reflects the tenant’s payments
- As the tenant pays, their profile gets positively updated
- A tenant is able to view and check the accuracy of their profile at any time
In fact one of the positives that have come out of the collection of this data is that 86% of tenants are on good standing with their rent.— Michelle Dickens, Managing Director of rental property management agency, TPN.
Next time you want to rent a property, your credit record will reflect if you've been good payer. One day you may even find yourself in the position of being the landlord. When it comes to screening prospective tenants, you’ll know where to go, TPN's website. It’s a cheese-cheese situation.
This article first appeared on 702 : Bent on Rent