The Referencing Process

19th March 2018

It’s common knowledge that creating a tenancy is done so by putting in place a contract, in most cases a written one rather than verbal. From there the Landlord and Tenant relationship is based on trust that both parties would fulfil the obligations outlined within it.

Specified in another contract, namely the ‘Terms of Conditions’ which forms the basis of the Letting Agent and Landlords commercial agreement, would almost certainly contain a provision that confirms background checks are completed on tenants by the agent to create a personal profile of their circumstances and financial stability.

Tenant Referencing is where both of these ‘contracts’ meet. It’s essential for Landlords to know some fundamental information about the person or people moving in, in order to provide the trust and reassurance that their investment will be looked after and the rent will be paid.

There have been noticeable changes in the rental market which have altered perspective considerably over recent years. Be this amendments to the Housing Act, implementation of Right to Rent Legislation, the upcoming Tenant Fee Ban…all of which require the Letting Agent to adapt their approach and keep up with these changes.

At Eurolink we invest considerable time and investment into developing our leading software solution, Veco for the purpose of ensuring all our clients comply with these changes and receive an update patch which provides additional functionality.

Aside from that, new and innovative products are continuously launched to the market. Referencing providers diversify their product range to offer a wider selection of ‘hassle free’ and revenue generating solutions consisting of comprehensive referencing products and insurance policies to protect the Landlord and their agent from unforeseen circumstances.

One of our integration suppliers, Van Mildert Tenant Referencing offer high quality options in respect to this. Their recent introduction of ‘compliance shield’ aims to reduce the considerable difficulties agents can face ‘signing off’ on the checks completed via an automated, fully integrated partnership with Veco as well as independently. Alongside this new capability Van Mildert are due to launch a range of new insurance products which reduce claim time, create a tenant passport to track historical performance and a unique rent collection service. We’d thoroughly suggest getting into touch with them to find out more.

Telephone — 0191 256 0920

Email — referencing@vanmildert.net

Website — https://www.vanmildert.net/vm/