Letting a property can bring in an additional source of income, be an investment for later life, or even be your full-time occupation. However, dealing with all of the details on your own can be difficult and time-consuming. Have you considered the benefits of working with a letting agent?
Letting agents provide many benefits to landlords and to tenants. They are a source of information and advice. They have experience in every aspect of the letting process, from promoting your property to guiding you on setting your rent to finding the best moving company to remove furniture or add it to the property.
However, this is not the end of the benefits of short let letting experts. Many such firms have connections within the business that mean you can get greater coverage for your properties without needing to pay additional fees. They will also have templates for many of the legal documents you need to produce, including your tenancy agreement.
In addition, they may undertake referencing of perspective tenants on your behalf, deal with tenancy deposits and set up rent collection arrangements. Some services offer to work on setting up viewings and offer a point of contact so that you do not need to give out personal details.
Such agencies give you support and advice, including on aspects such as inspections and end of tenancy arrangements. It is an ideal situation for those who still want to retain complete control over their property and the final decision on who to let your property to.
Why Tenant Referencing Is Important
It is important to ensure that your tenant can afford the rent and will take care of the accommodation. This is where tenant referencing comes in.
Tenant referencing provides you with details about your prospective tenant and safeguards you and your studio accommodation, flat, apartment, or house in a number of different ways.
Firstly, it provides you with evidence of the prospective tenant’s identity. This is important for your own peace of mind, but also to fulfill your legal requirements in regard to their right to rent a property.
Referencing also gives you a chance to check other details the person has given you in relation to their employment and previous renting record. Employment information will include salary information that ensures that they can afford the rent and have a stable long term income.
References from previous landlords give an indication as to the type of tenant they have been previously and the level of risk you are taking with your financial investment.
A credit check is usually carried out as part of the referencing procedures for long-term or short let properties, including studios, flats, apartments, and houses. A poor credit score can happen for a number of reasons, and you can create safeguards by requesting that a guarantor is provided.
Alternatively, you can request a greater number of month’s rent in advance if they are a positive asset in every other respect.