As a landlord you want to make sure that you are renting your property out to the right tenants. Insurance companies also recognise that this is important, and may also give you cheaper landlord insurance. So how can screening your tenants help you get cheap home insurance for landlords?
Screening your tenants helps you recognise what type of tenant you are dealing with before you rent out your property to them. This process will provide you with a collection of useful and reliable information to help you decide on the right tenant. So what sort of information will you be given?
A tenant reference search will provide you with the credit history search that will provide you with all the financial past of your tenant. The credit history search will show you if the tenant has ever had items repossessed, any County Court Judgements or encountered bankruptcy. The screening can also report on the potential tenant’s suitability when it comes to meeting payments.
You can also review a collection of previous references that have been collected from past landlords, accountants and solicitors. This can help you identify the right tenant to rent out your property to.
Some systems will also provide you with a collection of high risk tenants. Any tenants that have had a history of being problematic will be highlighted during the screening to ensure that your property is rented out by the right type of person.
The search will also help you confirm that the tenant you may potentially be renting out to is exactly who they say they are. The identification of the tenant is cross referenced to ensure that it is authentic; so you know that the tenant is legitimate.
Screening your potential tenants will help you rest easy that you are renting out to the right person.