Having reliable tenants who can meet their financial commitments is one of the very important pieces of the jigsaw in achieving a successful tenancy and therefore landlord experience. For this reason, we use a third-party company to carry out all our tenant referencing checks. They can harness the power of AI technology to screen potential tenants and prevent fraudulent applications, which is sadly on the increase in this competitive tenant market. You wouldn’t believe how applicants can manipulate documents such as bank statements and ID, that look completely genuine to the naked eye.
Tenant Affordability
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Their screening processes are very thorough, and they leave no stone unturned; for instance, they not only assess a tenant’s gross salary but also establish what their disposable income is so they can determine whether the rental can truly be afforded.
Not only that, but any credit defaults also such as CCJs (County Court Judgements) or IVAs (Individual Voluntary Arrangements) will be picked up so it provides a clear picture of whether a tenant has got the financial capability to meet the rent.
Alas, the screening process is only a snapshot in time to determine affordability at the time of application. Circumstances can and do change impacting the ability for the rent to be paid so we highly recommend that you take out our Rent Guarantee product, see the link below.
If you’d like to discuss the above in more detail, then we’d love to hear from you.
