With tenant referencing, the landlord can determine whether you will be able to pay the rent in full and on time by learning about your employment and financial situation. Landlords that carry out tenant referencing are professional and take their business seriously. Tenant referencing is made up of a series of important checks that will provide the landlord with insight into the prospective tenant’s background and financial status. These checks involve written and signed verification of the tenant’s employment and income from their place of work. It also involves a reference from the prospective tenant’s current or previous landlord confirming residency history and their ability to pay the rent in full and on time. These checks may also include residency confirmation, a full credit history check, affordability potential, and any outstanding case or county court judgments.
These checks are meant to confirm information the tenant has already provided and will likely show how honest they were when providing the information. If the landlord feels the prospective tenant is dishonest or untrustworthy, they are less likely to overlook minor issues that the referencing may reveal.
The tenant referencing process is usually initiated by the landlord or letting agent with the tenant’s permission, so, in essence, nothing is done without the prospective tenant’s express permission.
One of the ways to speed up tenant referencing is to ensure that prospective tenants know what is expected of them, so that they can have it available on request. To begin with, they would need to complete a form that details their employment history, prior residences and other information that will be cross checked against the referencing details. Prospective tenants should be sure to have all the necessary documents ready where possible. Some of these documents include letters from the bank confirming their bank details. It is also a good idea for the tenant to give their employer a heads up that they may be contacted to provide details of employment. The prospective tenant’s current or former landlord also needs to be aware that they may be contacted to provide details of stay in their property. These individuals should know to expect email correspondence and/or phone calls from the landlord or referencing agency concerning the details they are expected to send across. Every property has more than one prospective tenant vying for it, and a complete set of documents and an honest application will sway any landlord rather than the prospect of a delay.
Because of a hectic schedule, these individuals may not be able to provide the needed information fast, so the tenant may need to remind them after a few days. As a prospective tenant, the best option is to inform the necessary people once you decide that you need to move house. This way, they are prepared to give you the needed documents as soon as they are requested. The referencing process can be delayed tremendously if any of these people fail to respond in a timely manner.