| Tenant referencing and credit checks are two | | | | You will also need to assess the new tenants |
| tools, which are used when renting out a property | | | | financial stability by taking a look at their credit |
| to a prospect, this is to maximise rental | | | | score. The most important area to look at, and |
| profitability and to ensure your property is well | | | | any good online tenant screening company will |
| looked after. Running these simple online checks | | | | provide this instantly over the Internet, is if the |
| can save you money in the long run as rent will | | | | tenant has any CCJ's (County Court Judgments) |
| more likely be paid on time and the property is in | | | | that are satisfied or unsatisfied. These appear on |
| safe hands. There are companies dedicated to | | | | the credit check if the tenant had owed money |
| tenant vetting and tenant screening, which are | | | | to a creditor previously and will stay on the credit |
| designed to specifically cater for the needs of | | | | record for 6 years. It will read as satisfied if the |
| landlords and letting agents. | | | | tenant paid after one month and it will read as |
| Screening tenants is mostly about assessing a | | | | unsatisfied if the tenant has not paid the creditor |
| suitability based on the experiences with their | | | | in question. Any unsatisfied CCJ's should raise a |
| current employer and previous landlord. Assessing | | | | huge question mark over that tenants suitability |
| a tenants suitability is a top priority for all landlords | | | | for your property, if they owe money to |
| and letting agents as it protects your property | | | | someone else, why would they pay you on time. |
| investment, reduces risk and increases return on | | | | Taking tenant credit checks and vetting tenants |
| investment by simply checking the new tenants | | | | seriously can really provide a sound process for |
| credibility. | | | | accepting and rejecting tenants. The most |
| The best tenant screening companies offer fast | | | | important thing for landlords and letting agents is |
| results allowing you to make quick and calculated | | | | having a reliable tenant who pays on time and |
| decisions. As a landlord in a competitive market | | | | looks after the property. The loss of money, |
| you will want to have a fast turnaround from | | | | stress and repair costs experienced when a bad |
| viewing to handing over the keys, a fast system | | | | tenant is chosen can be monumental, but by |
| for background checks can give you peace of | | | | introducing tenant screening procedures into your |
| mind and quick turn around as well. | | | | application process you can protect you wallet and |
| Referencing previous landlords and employer is | | | | your investment from troublesome tenants and |
| just one part of the tenant screening process. | | | | avoid disputes in the future. |