The Importance of Tenant Referencing
Your properties represent a significant investment, and protecting that investment begins with finding good tenants.
The ideal tenant is someone who can pay the rent on time and will treat your properties as their own. Assessing who meets these criteria, can be an incredibly challenging and time-consuming task.
Having a referencing partner you can trust, is the first line of defence for any landlord to ensure their investment is protected.
What is Tenant Referencing?
Tenant referencing is the process of conducting pre-tenancy checks on your potential tenants and their guarantors before granting a tenancy agreement. The process will provide a snapshot of an applicant’s current financial circumstances which will help you decide if you wish to proceed with a tenancy.
Most tenants will not cause any problems during their tenancy. However, some will. From Consistently paying the rent late to damaging your property or causing issues with neighbours. All of this can make life for you very difficult and could end up costing you money through eviction fees & legal costs.
Why should I use a Tenant Referencing Company?
You can conduct your own tenant referencing however this can be a time-consuming task, which if done incorrectly, could end up costing you.
On average, it can take between seven to eight months to evict a tenant. During this time it is likely the tenant would stop paying their rent & you would incur the costs to evict.
Given the huge impact it could have to let your property to a bad tenant, why would you risk getting your tenant referencing wrong?
What is included in our tenant referencing process
At Advanced Rent, we have developed an in-depth tenant referencing process that gives you a detailed insight into your prospective tenants before any financial agreements are issued. Our background checks determine and verify crucial information, including:
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6-year credit history check
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Address verification and linked address summary
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Employment and income verification
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Previous landlord reference and verification
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Affordability analysis
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Credit score
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Right to rent
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Open banking data assessment