You cannot tell the type of tenant you are having based purely upon their appearance, it won’t let you know if they are trustworthy,reliable or a prompt payer! The question is how do you really check them out? Even references are not foolproof, that is why you need to check out what measures your reference provider is taking to ensure that the information provided to you really is of value.
The first stage in letting your property is obtaining proper references. Your insurance company will insist upon this, especially if you are taking out cover for legal expenses and rent guarantee (a sensible option.) Many of these agents pass on this service to specialist reference providers, as with most things the quality of service may vary greatly, so check them out!
Letting property can at times carry certain risks, you may come across a variety of issues from fraud and identity theft to unreliable tenants. These periods of economic uncertainty are breeding grounds for fraud. Nothing ought to be taken at face value, it is essential to do the relevant checks. To verify income, gather the relevant references from the tenants’ employer and any previous landlords.
The next step is to check their actual suitability to rent a property. This should be carried out by an unprejudiced , expert third party and must include county court and bankruptcy searches, identification checks and validation of bank sort codes.
If utilising a reference checking firm, make sure that they carry out the necessary checks in detail. It is not enough to just have a basic credit check, full identity and fraud checks need to be carried out. The following should be supplied by your provider:
Authentication
This means checking that the tenant is exactly who they claim to be, this is usually done by a third party checking their passport, birth certificate and proof of address.
Previous addresses
This will throw up if there are any CCJs. Data searches should look for detrimental information at undisclosed and linked addresses, if the tenant has failed to disclose a particular address it could mean that they may have something to hide.
Employer’s references
It is very important to ascertain whether your tenant has the means to pay the rent and so to have the employer’s details is vital. Any employer’s reference should be checked out to ensure that it is authentic.
Guarantors
If a guarantor is getting involved they also need to be verified, and should be as carefully referenced as the tenant themselves.
Tenant history
Any previous landlord references should include all details of the tenancy even if they were model tenants, did they leave in arrears, leaving all kinds of property damage behind them?
Obtain a three year address history with a reference from the most recent landlord.
Most landlords want things to progress as quickly as possible, but it is crucial to note that you cannot substitute quality for speed. All the necessary checks must be carried out properly; it is pointless trying to rush proceedings only to find that you now have the tenant from hell. It is all about safeguarding your property and making sure that the rent is covered each month, this is why a full check on your potential tenant is vital.
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