Video link: A landlord’s guide to referencing a tenant
Hi, my name is Lorna, and I’m and advisor for Towergate.
In this video I’m going to talk about the importance of referencing your tenants
Renting your property through a letting agent will usually mean that the referencing of perspective tenants will be handled by them, but some landlords prefer to do this themselves. It is after all one of the most important functions of renting out a property because trusting your tenants to look after your property and provide your income by paying rent is vital to a secure investment and smooth running business.
The main function of a tenant reference is to check they have the income and credit they claim to, this means you can be confident they have enough money to easily meet their monthly rent payments.
Credit and employment checks on tenants.
These can be done manually or via a credit checking service available online. Towergate’s tenant referencing service offered through MARAS for example, can be included in a package of services including rent guarantee and landlord insurance.
Remember, your landlord insurance can cover you for loss of rent and/or cost of legal fees should something go wrong but taking reasonable measures to ensure good quality long-term tenants is a wise decision and can avoid hassle down the line.