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Why Tenant Referencing Checks is important?

Why Tenant Referencing Checks is important?

The aim of reference is to find out the following:
- Are the applicant's details genuine?
- Do they have the affordable income to cover the rent every month

Without these checks, there could be a significant loss of income and damage to the property along with the hassle and stress that comes with trying to sort this out.

The tenant referencing is used to evaluate the suitability of tenants to rent a property. This will be based on the tenant’s current financial and residential situation. This will also provide the landlord a snapshot of the applicant’s ability to pay the rent and an insight in their recent renting history.

Based on this information the landlord can make an informed decision on the laid out facts.

The referencing will consist of the following:
- Credit Check: This check will look into the applicant’s credit profile such as credit score, it will also check for poor credit history including County Court Judgements, Bankruptcies and Insolvencies, and previous residency addresses.

- Income Reference: This will include and income report of how much the tenant is receiving through employment if self-employed then it will be through the accountant.

- Landlord reference: This letter will have details of the applicant’s suitability as a tenant. It will also provide information about whether the rent was paid on time and in full and if the property was left in good condition.

Right to rent checks: It’s important that all Landlords who rent their property out must conduct a right to rent check to make sure that they are not entering into a tenancy agreement involving an illegal migrant.

Once the reference has passed we can also offer Rent Insurance Guarantee which offers peace of mind for the landlords and it includes unpaid rent or legal expenses that might occur with the tenancy

We at Kronos Estate Agent take referencing very seriously and ensure that every tenant is vetted through a series of references before binding them into the contract. Please contact Kronos Estate Agents for more information on 020 8004 4477 or email us via info@kronosestates.co.uk

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