Check that tenant out!

Check that tenant out!

Check that tenant out!

The first stage in letting your property is obtaining proper references. This is a vital first step and one that your insurance company will insist upon, 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 times of economic uncertainty are breeding grounds for fraud. Nothing should be taken at face value, it is vital 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 impartial , 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, ensure 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 literally means ensuring that your tenant is who they say they are.

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 omitted a particular address, beware as this may mean they have something to hide.

Employer's references

It is incredibly important that your client has the means to financially keep up with the rent, so to have their employer's details is vital. The employer's details should also be authenticated as they could be fictitious.

Guarantors

If a guarantor is being involved they also need to be verified, and should be as carefully referenced as the tenant themselves.

Tenant history

Any references from prior landlords should include all details of the tenancy even if they were exemplary 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.

Landlords want the entire process to move forward as quickly as is humanly possible, they have a mortgage to cover, but it is essential to note that you can't substitute quality for speed. All of the necessary checks must be carried out properly; it really is pointless trying to rush proceedings only to find that you now have the tenant from hell. It's all about protecting your property and ensuring that the rent is covered each month, this is why a full check on your potential tenant is vital.

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