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Referencing

Landlords, do you conduct referencing on your tenants that are moving into the property?
If not, why not?
You’re just letting in anyone walking off the street, you might as well just give them the keys.

The reason you do referencing is to protect you and your property and your investment, you’re here to make money, not lose money.

You want to make sure that the right person is moving into your property.
You must do your due diligence.

What sort of referencing do I need to do?
You need to make sure you can do the following checks on any applicant that is wanting to proceed with the property;

Credit check, do they have any outstanding CCJs or bankruptcy orders?
Everyone falls on hard times every once in a while but how open are tenants being with you.
If they have a CCJ from a couple of years ago and they’re upfront about it, work with them.
If obviously they try and hide it, if they’re going to hide this at the start, what are they going to be like throughout the course of the tenancy?

Landlord reference
Reason being is if they’re currently renting a property, you want to know have they paid their rent on time?
Have they looked after their previous property?
Has there been any issues?
You want to get a general feel about them, there’s no harm in obtaining this reference whatsoever, you are fully entitled to this.

Employment
Key one, can they afford it?
You obtain a reference from the employer, reason being is you want to know are they permanently employed?
What is their current salary?
And will it be enough to cover the rent that is required from them?
Is it a permanent contract or is it going to be ending throughout the course of the tenancy?
If so, have they got another job to go to?

What you don’t want to do is offer someone a fixed term tenancy agreement and then them halfway through not be able to pay it.
You’re here to protect your investment, so make sure you do.

Right to rent check.
Anyone that is renting a property you need to make sure you obtain the right to rent details from them.
This covers a passport, a valid visa, all the necessary correct documents in order to be able to give a tenant a tenancy agreement and the keys to your home.

If you would like to know more with regards to referencing please contact me,
Danielle
Inspired Sales and Lettings
Where we’re with you every step of the way on your property journey.

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