A PropTech supplier this week hosts a free webinar for agents to shed light on the rise of attempted tenancy fraud in the UK.
As rental costs continue to rise, some tenants may find themselves in a challenging predicament, leading some to resort to desperate measures, including falsifying information to secure a tenancy. Meanwhile, higher rental prices can make properties more attractive to criminals with fraudulent intentions, intent on subletting a property and pocketing the rent.
The chief executive of The Lettings Hub and host of the webinar, Heidi Shackell, says: “As rental prices continue to grow, it is vital for industry professionals to stay ahead of the increased risks. The increase in tenancy fraud demands everyone’s attention, and through this invaluable webinar, we aim to empower letting agents with the knowledge and tools they can implement to spot attempted fraud. We're committed to improving the integrity of the rental market and ensuring a secure environment for both landlords and tenants.”
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Using referencing companies is the biggest rip off and also leads to rent arrears, evictions and fraudulent tenants. The best method of referencing is to complete them yourself unfortunately, many agents don't know how easy it is and have relied on referencing companies to long.
My letting agent uses a reference service that skips over anything remotely difficult - if the last landlord was 3+ months ago, they say there is no previous landlord. As always, I took up references myself. The agent protested he had done everything he needed to do to cover his back. He's not my letting agent any longer.
It depends on which referencing company your agent is using.
I'm not going to name names but our referencing company is fantastic at spotting fraudulent bank statements etc.
When choosing a referencing company I believe do your research and find one that guarantees the reference with an optional rent and legal cover and you'll have the highest chance of a smooth tenancy. (after all if they might have to pay your rent arrears they are going to want to cover their backs) P.S. also helps if you have a good agent that pre-qualifies your applicants well.
We’ll have to agree to disagree on that one Hit Man. But, if you are doing your own referencing, it’s still worth listening into the webinar as we will share lots of practical advice and tips on how those landlords completing their own references, or letting agents doing it in-house, can spot some of the tell-tale fraud indicators on would be tenants.
James The Surveyor, there are certainly differences across the market. The Lettings Hub looks at previous landlords going back up to 3 years. And it can often be a more historic landlord who will give the most transparent information about a tenant. It is right to look around, and make sure you are satisfied that the checks being completed aren’t just a tick box exercise.
Liam The Derby Agent - It’s great you’ve found a provider that works well for your agency, and you’re right, the research is key! Agents should ask questions about what sits behind the checks completed, and decide if it’s the right mix of tech, humans and protection they want for their brand.
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