Renters’ Rights Act: The importance of tenant selection and thorough referencing
As the Private Rented Sector prepares for the upcoming changes as a result of the Renters’ Rights Act, tenant selection is imperative, ensuring a trouble free letting from the outset, as well as during the tenancy.
At Stags, we know the importance of ensuring that the tenant selection process is as thorough as possible, which starts with pre-qualification at the point of the enquiry, the information obtained during the viewing itself as well as the verification as part of the tenant referencing process.
Catherine Boate, Manager of the Truro Lettings department explains how Stags can help ensure you have the best tenant choice:
“From placing the property on the market to selecting the most suitable tenant, our extensive letting service can provide you with confidence and peace of mind. Here's why:
To reduce the risk of rent arrears: Checking income, employment, and credit history helps confirm a tenant can actually afford the rent. Many tenants do not set out to get into rent arrears, but it can easily happen if they are over stretched from the start.
Protect your property: Previous landlord references can be vital in providing an insight into how the property is likely to be looked after.
Supports Insurance products: Many rent guarantee insurance policies will require the tenant to have met specific referencing requirements. If not completed to meet this standard your insurance could be invalid.
Saves a money in the long term: There is no doubt that legal fees, repairs, disputes and void periods all cost not only time but also money.
How can Stags help?
Extensive marketing: To ensure your property is seen by the widest audience we not only display your property on our website but also Rightmove, On The Market, and our social media channels. In addition your property will be sent to suitable tenants on our rental register.
Service options at competitive fees: Our range of letting and management services give you the option to be as involved as much or as little as you would like to be.
Pre qualification: Prior to arranging a viewing, we will speak with the potential tenant to ensure they are suitable for the property and that the property suits their needs, in turn avoiding wasting time for you or the tenant.
We don’t work on a first come, first served basis: We want to ensure you have a choice and therefore, we will present all applications to you for consideration, not just the first to see it.
Referencing: Because one size doesn’t fit all. We combine traditional references with modern technology, including access to open banking (where permission is given by the tenant), to help confirm that you have made an informed decision when selecting the most suitable tenant. This selection is based on income and employment, credit history, and previous landlord references. Open Banking allows visibility of the tenants transactions, providing transparency and helping to assess the tenant's ability to pay rent reliably. It also encourages tenants to be open and honest with us from the off-set avoiding any ‘surprises’ further down the line.
Right to Rent checks: References are not only financial, they should include checks to ensure that your selected tenant has the Right to Rent in the UK. We will undertake the checks in conjunction with the Home Office, where applicable, to verify the tenants Right to Rent.
For those experienced landlords, the process of letting a property may feel familiar, however, we have been seeing an increasing number of new landlords along with those landlords who are exploring alternatives to short term/holiday letting as they look to switch to longer-term residential letting. The switch can provide a more stable income without the day-to-day commitment. No matter your landlord experience, we pride ourselves on being able to guide and support you through the process of letting your property."
