Rentals in most cases run smoothly, though you can never leave everything to chance and the situations when issues may arise, is usually revolving around money. In some cases, it can be a system error or the property manager’s mistake (everyone’s human). Though in other cases you want to have as much evidence on your side to get yourself out of sticky situations when being summoned to the Victorian Civil Administrative Tribunal (or VCAT for short) to sort out slightly larger issues and your rental ledger may assist in clearing a few things up.
At the end of the day, it’s always great to have a reference to your history. It’s something that most tenants would never think about collecting and when the market is strong and securing a property is tough, then having documents like your rental ledger may help build a stronger application by proving you pay rent on time all the time. This is one of the most important factors to landlords and they will take this information quite seriously.
So, what is a rental ledger? It’s simply a statement of all your transactions of a rental property. It will record the rental amounts that you paid and when you paid them. It will show if you paid in advance, on the day or were late in some cases. It will assist if there’s a dispute with your rent, then you are able to cross reference your documents with the landlords and making sure there’s no discrepancies or changes or help you secure your next home over the competition.
It’s simple for your property manager to provide it to you, most agencies have software that keep track of all these transactions and are able to print out reports at the click of a button, so don’t feel embarrassed to ask for it. As you move from property to property, keep your nose clean, pay your rent and collect your ledger and you’ll find that finding a home becomes a lot easier over time.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.