Renting - what will a letting agent look for?

[AlpineWhite]

Evening all. I was hoping to find out what a landlord or letting agent should be looking at when they get an application from a potential tenant.

Is as simple as checking the references given by the prospective tenant, and then checking with their bank if they're good for the rent?

Or do they go in to more detail?

For example, I've looked at my credit report tonight and I'm not sure I'd like them looking at every last detail of my financial history!

Now, I know its a case of if you've nothing to hide. then you don't mind showing, but only to an extent surely!

Thanks.

[Eric Mc]

His commission.

[Martial Arts Man]

I have a few friends in this game.

They reckon that they do nothing other than check identity and even then only if the landlord is thorough.

As Eric rightly says, comm. is the name of the game.

[groan]

This is simple. You're required to pay the rent at the right amount and on or near the right date. You're also required to keep the place in reasonable order. And you're obliged not to annoy either the neighbours or the authorities. And you're required to let the agent know when you're leaving, even if that's caused by emergency etc. That's it, really. It's not rocket science. But it's important that you do these things. On your part, you expect your privacy to be respected, the place to be properly maintained, and reactive response to any other tenancy-related problem you may encounter.

A really good letting agent knows exactly what to do if you want to fukk with them. And that includes being able to deal with the people who get under the radar. So if you're minded for a 'game', I'd do more of the reference checking yourself. Before you try to fukk them over, for your own sake and safety find out what's likely to be the outcome.

Of course, maybe you're a bit of a gambler. In which case, go for it! You never know, you might get an agent who you can piss all over. On the other hand, you might end up getting pissed all over yourself! Some agents take their job awfully seriously.

On the other hand, maybe you can easily adhere to the simple conditions outlined in the first paragraph. If so, neither you nor the agent have anything to complain about.

Tenancies whose landlords have been conned into insurance backed rent guarantees will require a certain depth of tenant scrutiny - mainly financial. Agencies who really can't handle tenant generated problems will require layers of screening. Agents who are either completely daft or very confident that whatever you do they can handle it won't be so bothered. You should get the atmosphere when you visit their premises. If there are large numbers of keys and a low level of paranoia I'd be very very careful of creating a riot for them.

[rog007]

A smile, clean fingernails and no pets...

[Swoxy]

groan, why do you think rent guarantees are a con?

[okgo]

When I worked as a lettings person we needed the following

Reference from work with salary
Reference from previous landlord

That's pretty much it, from there the only thing that made offers different, is how old the people are, where they are from (white english, indian etc, lots of racism in lettings), if they have pets, and if they have offered below the asking rental.

[anonymous-user]

Credit check
Proof of ID and residency
Previous Landlords Reference
Employers reference and proof of declared income

Any company that doesn't do all this are fools

[groan]

digimeistter said:

Credit check
Proof of ID and residency
Previous Landlords Reference
Employers reference and proof of declared income

Any company that doesn't do all this are fools

Credit check: A 2-bob cc from Experian or similar isn't worth a monkeys. Not a monkeys. In fact it's more confusing than anything else, particular when the address of the individual is a block occupied by (many) others.

Proof of ID and residency : There are really only 2 types of people. Those who can legitimately provide it, and those who can't. The latter illegitimately provide it. How do you tell or check if the presented proof is legitimate? And if you don't then what's the point in asking for it? Come to that, what's the point in asking for it at all?

Previous landlords reference: Well now you're just being funny. I can't even be bothered explaining why PLRs are more than a waste of time. Litter, really, and apparently becoming something of a rarity.

Employers ref/income proof: Do you also request the guarantee that the job will still exist or that the tenant will still be in it next week? No? Hmmm.

The above is a list of things some agents do so that people who give them properties to let will feel better.

Actually in terms of full-on professional letting, insisting that the above have any worth and turning away prospects who can't provide them is a very good way of losing many potentially excellent tenants. That's what a fool does. Turns away potentially excellent tenants by trying to make tenancy a formulaic process. It's like agents who won't take DSS tenants. What they 'won't take' is a stereotype they've heard about.

[rog007]

Wot e sed!

[anonymous-user]

rog007 said:

Wot e sed!

[AlpineWhite]

groan said:

Credit check: A 2-bob cc from Experian or similar isn't worth a monkeys. Not a monkeys. In fact it's more confusing than anything else, particular when the address of the individual is a block occupied by (many) others.

What does the credit check tell them? Is it just a "X is good for £500/month", "X has 376 credit points", or does it go into more detail?

Re the proof of identity / proof of residence.... I suppose there isn't much more the letting agent can do? Is it then just a case of making a leap of faith based on their judgement of the tenant as a person?

[markmakak]

I always use http://www.rentchecks.com/ (no affiliation with them). They have always given me what I want
- previous landlord references with good content, and often a more personal insight
- employer check to verify that they are employed by them and earn XYZ amount
- credit check
- overall score

I think it's about £30 for a 48 hour turn around. It's the best money you'll spend. I've often found that by simply asking prospective tenants to fill it out means they tell you why the score will come out badly (which means I won't let to them)

Mind you, I look after my properties myself - never needed an agent, would never trust them to do a good job

[groan]

markmakak said:

I always use http://www.rentchecks.com/ (no affiliation with them). They have always given me what I want
- previous landlord references with good content, and often a more personal insight
- employer check to verify that they are employed by them and earn XYZ amount
- credit check
- overall score

I think it's about £30 for a 48 hour turn around. It's the best money you'll spend. I've often found that by simply asking prospective tenants to fill it out means they tell you why the score will come out badly (which means I won't let to them)

Mind you, I look after my properties myself - never needed an agent, would never trust them to do a good job

So if someone came to you and said "Hi, I'm just out of prison after a long sentence, and haven't got a previous landlord's reference, and haven't got a job though I'm hoping to get quite a good one", I take it they wouldn't get past even your initial scrutiny? They'd be a no-no, would they?

[scirocco265]

In my experience (as a landlord) it depends on the agency to the extent of the checks but as a guide: credit check, landlord reference, employment reference.

[groan]

scirocco265 said:

In my experience (as a landlord) it depends on the agency to the extent of the checks but as a guide: credit check, landlord reference, employment reference.

So, again, a guy (or woman) who'd just finished a long stretch with no credit history or landlord reference or job, but who was hoping for a good position wouldn't be much use to you as a prospective tenant, would he?

Or, say, an unemployed and heavily pregnant teenager and her recently married older also currently unemployed tradesman husband?

Or, say, an AWOL soldier on HMGs most wanted list?

Edited by groan on Saturday 5th February 00:00

[scirocco265]

groan said:

So, again, a guy (or woman) who'd just finished a long stretch with no credit history or landlord reference or job, but who was hoping for a good position wouldn't be much use to you as a prospective tenant, would he?

Or, say, an unemployed and heavily pregnant teenager and her recently married older also currently unemployed tradesman husband?

Or, say, an AWOL soldier on HMGs most wanted list?

Edited by groan on Saturday 5th February 00:00

Good to me? No, I said that <I>agencies</I> normally ask for these things.

If you are asking if that I, as a landlord, would consider someone without one or more of these things, the answer is: yes I would, provided I was comfortable with the person and they could show sufficient means of paying the monthly rent.

[groan]

scirocco265 said:

groan said:

So, again, a guy (or woman) who'd just finished a long stretch with no credit history or landlord reference or job, but who was hoping for a good position wouldn't be much use to you as a prospective tenant, would he?

Or, say, an unemployed and heavily pregnant teenager and her recently married older also currently unemployed tradesman husband?

Or, say, an AWOL soldier on HMGs most wanted list?

Edited by groan on Saturday 5th February 00:00

Good to me? No, I said that <I>agencies</I> normally ask for these things.

If you are asking if that I, as a landlord, would consider someone without one or more of these things, the answer is: yes I would, provided I was comfortable with the person and they could show sufficient means of paying the monthly rent.

Me too, but many people and agencies wouldn't, which is a bit of a pity.