OLA in "L'EXPRESS" (Semaine du 15 mars au 21 mars 2011)

[New]

but we are not an insurance company.

Yet they are selling insurance. So this could mean they don't want to get proper licenses. As a corporation they could simply go bankrupt before paying over the hundreds of thousands they will end up being asked to pay.

[Adam]

It could be a good idea and could be very popular. The issue is trust. If it was a product offered by a large insurance company like Sun Life I would consider it. The company need to develop a trust factor with landlord and tenants.

[Hawk]

We should hold back judgment for a while. They are a new company and things take time. It's a good idea.

Hopefully they will come here and we can help them work out the kinks in their plan, such as the one Greg brought up. If they can show me the value and get me to trust them, they could have over 100 units from me set up the next day...

[ColdFire]

We have been following this thread with great interest, and we are certainly paying close attention to your feedback. I would like to take this opportunity to answer the questions that we’ve read on this thread.

1. Going After the Tenant for Unpaid Rent:
The reporter may have misunderstood what we were saying about what we do with the debt once it is transferred to our care. It is true that we don't go after the tenants directly, but we may sell the debt to a collection agency for retrieval. The determination on whether or not we will resell the debt depends on many factors, one of which is how likely we are to successfully obtain the lost money. As a business, we need the flexibility to make those decision independently while considering business of the company as a whole. In the future, we certainly have plans to enter into agreements with credit verification agencies and companies that would hold the tenants accountable for their actions.

2. Not an Insurance Company:
We are not classified as an insurance company for several reasons: a) we do not assess any risk on the landlord whatsoever; b) we do not indemnify landlords for any losses -- we purchase debt; c) we do not do any profiling of the tenant or the landlord.

3. Making a Sell Request:
One of the stipulations to sell an order to BuyMyRent is that the landlord must have done a proper credit verification of a tenant before giving them the keys. Further, the credit verification cannot contain any blatantly obvious issues that would render them an undesirable candidate such as a recent bankruptcy, a very poor credit history, or a history of unpaid rent. Our intent with our service is to give landlords the ability to reclaim their losses even when they've done what they could to prevent bad-tenant losses.

The following is a full breakdown on what is required to sell an order:
1. The landlord is required to perform a full tenant screening process via a recognized credit verification agency.
2. The credit verification of the tenant cannot contain a bankruptcy in the last 7 years, or any history of unpaid rent.
3. The rent of the unit cannot exceed 30% of the tenant(s) total household income before taxes.
4. The owner of the plan must be the owner of the property. Proof of ownership must be provided when filling for a sell request (selling an assignment of debt).
5. To file a sell request, the plan owner must have received an order from a recognized body authorized to deal with landlord and tenant disputes.
6. The order must come from a decision that is based on a breach that occurred during the term of the plan.
7. The following documentation will be required to be provided to sell an order:

• Copy of the Lease Agreement between the landlord and the tenant in question;
• Proof of ownership for the property;
• Copy of the Order form the tribunal or court; and
• Any other information required by BuyMyRent as a show of proof to satisfy the above criteria.

4. Our Online Documentation
We are most pleased with the feedback that you’ve provided to us on this site, and we will do our upmost to update our website the soonest with clearer information and more details.

Finally, and most importantly, this is a service for you -landlords. Make no mistake about that. It may not appeal to all of you as all of you have different needs and expectations, but rest assured that if there is a better way that we can be servicing your needs, we will listen. This thread has been interesting, and we've certainly heard you.

P.S.: We're all over 35 years of age.