Lifting the Veil on Our Tenant Vetting Process
24th September 2018
The administration, referencing and background checks agents carry out when vetting your potential tenants is by far one of the most important aspects of ensuring a profitable, high yielding return on investment. Poor tenant vetting will lead to shorter void periods but you'll find yourself losing out significantly if your tenant stops paying the rent or causes damage, either accidentally or maliciously, which is beyond fair wear and tear.
Agents have so far kept their processes shrouded in secrecy and this is no help to our landlord clients and potential landlord clients who want an informed decision as to which agent to us when finding their tenants. That's why we've decided to lift the lid on our referencing process and detail exactly what's included with the referencing of your tenants (the cost of which is incorporated into our £99* tenant find fee), you can find out more about what's included in our full property management service by clicking here or by visiting https://www.harryalbertgroup.co.uk/landlords.
When you instruct us to manage your house to rent in Leicester, we use a range of techniques to locate tenants specifically looking for properties like yours and have a stringent process in place to ensure they're the best candidate for your property. The following is included as part of our tenant administration, referencing and background checks:
- Credit checks powered by Experian
- Bankruptcy, CCJ, IVA and Debt Relief Orders search
- Anti-Fraud Checks
- Current Address Verification
- Undisclosed Address Checks
- Alias Checks
- Electoral Roll Search
- UK Bank Account Verification
- Affordability Assesment (Income must be at least 2.5x higher than the rent, guarantor income must be at least 3x higher than rent)
- Employer Reference
- Landlord Reference
- Tenant Database Search (We'll find out if your tenant has been involved with or the cause of a rent protection insurance claim or have had court proceedings issues against them with the aim of their previous landlord(s) gaining possession of the property**)
- Right to Rent Checks
- Social Media Screening (We can review the social media accounts of potential tenants to ensure everything is above board).
- We also carry out tenant pre-screening to gauge whether the tenant will be a right fit for your property before we ask them to pay any fees, this saves us wasting your time, our time and their time.
*The £99 tenant find fee only applies if you instruct us to manage the property for a period of twelve months or more. Our standalone tenant find service costs £249.
**The tenant database search is limited and will only show details of tenants who have had dealings with Legal4Landlords. The tenant database search is not extensive and the lack of tenants details on the database does not necessarily mean they have not been involved with a rent protection claim or legal proceedings.
Tenant Referencing with a Difference
Here at Harry Albert Lettings & Estates, we do it differently, more thoroughly and for the same low-cost you and your tenants are used to when dealing with us. But thorough referencing and background checks aren't all we're good for! We can also provide a range of protective products to ensure you maintain the high yields and avoid nasty surprises in the way of expenses, including:
- Rent Protection Insurance
- Building and Contents Insurance
- Legal Cover
- and best of all, access to legal advice.
If you're a landlord with properties in Leicester, give us a call so you don't regret your buy to let!