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Mark Tidridge
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Whilst I recognise that there is a particular part of the rental market that may struggle to get the cover Paul - the rush we are seeing to insure properties right now, at the eleventh hour is unprecedented and shows that far too many in this market are ill prepared for any shocks that may occur, no matter how small or large. If there's anything that comes from this in the end it will be the fact at how ill prepared this market and it's investors and stakeholders are. It's not like this is a new product or anything.........
From:
Mark Tidridge
18 March 2020 16:36 PM
Rent Guarantee has been around for years and no one has ever heeded the calls for every landlord and agent to have this in place. Now there is likely to be a need for it and already it may be too late. Hopefully every one learns from this and recognises that Rent Guarantee is needed for Rental properties as much as Travel insurance is for holidays or car insurance is for car owners. The whole industry is going to feel this impact and so time to help everyone out !
From:
Mark Tidridge
18 March 2020 15:16 PM
I've sent you an invite on LinkedIN - would be a good opportunity to connect if possible.
From:
Mark Tidridge
16 July 2019 13:22 PM
Problem with Tenant passports is there needs to be an agreed standard of referencing that produces the passport - all referencing firms use different process - so until that could be agreed it's a wasted document.
From:
Mark Tidridge
12 July 2019 09:32 AM
The answer to your last question Paul is - Not Enough ! Too many are looking to shortcut this process and go "cheap" to offset the income they have lost. Huge false economy, not looking after their Landlords and will only end in pain. That will all play out over the coming months. Quality Tenant Referencing is the start of the process - it needs to be done right - lots of red flags are picked up at this point if you know what you're looking for. And that's the knowledge most don't have I'm afraid. I see it day in day out. Once they're bitten by a bad tenant "one bitten, twice shy" always comes in and in effect - you buy cheap, you buy twice.
From:
Mark Tidridge
11 July 2019 09:20 AM
David - That's a great example - 80% refuse to fill in their name. Yet there are new referencing companies setting up who literally do the following : 1)Ask you to complete basic details of the tenant online 2)They send digital documents to the tenants who complete everything 3)These documents are then sent back to you the LL / Agent - and hey presto you have a "COMPLETED" FULL REFERENCE ! Utter waste of time in my opinion - but hey it only cost £5 ! no wonder !!! Good referencing companies are not difficult to find - I'm sure you know the main names - HomeLet / Let Alliance / Rentshield / LetRef / Lettings Hub and so on and so on. All of these firms have been in this business for 10 years plus. They know their stuff and that means they understand Fraud / they understand GDPR and they all effectively BUILT referencing platforms. No matter what LL try and do - if you circumvent the system and use your "own" process - chances are you're missing something. And in reality you're paying c. £25 for a reference. It's a pittance for what it could really cost you if it goes wrong. Fraud will continue to increase.
From:
Mark Tidridge
11 July 2019 09:09 AM
You'd still get people not taking it and fraudulent claims. In this new age, the road to all of this is through education and more professional services. I'm not saying the Govt were right or wrong in their actions. But they have acted and now is the time to embrace the change and improve the level of professionalism in the whole industry. It's a big challenge the wheel will turn slowly, it will turn though and if everyone continues improving everyone will win in the end.
From:
Mark Tidridge
08 July 2019 14:03 PM
Agreed Paul it is a very risky business. So I feel it is important that Landlords are continually reminded, educated, helped, cajoled - whatever you want to call it, into recognising the risk and giving them the tools to reduce the risk as much as possible. So when I see companies short cutting processes and trying to gain a "business advantage" AT THE RISK TO THE LANDLORD - I will stand up. Unfortunately a lot of the enlightened Landlords will adopt a prudent business model with appropriate risk factored in. They are the minority though. The industry really needs a lot more education on all these parts, however, even designation industry bodies unfortunately still take the route of least resistance or allow commercial decisions to promote unhealthy business practise. So until that stops landlords will be at risk.
From:
Mark Tidridge
08 July 2019 13:38 PM
And hence this is why for such a small realistic cost - the words Rent Guarantee Insurance come to mind.
From:
Mark Tidridge
08 July 2019 12:47 PM
Good to keep this in the public eye. Professional Referencing companies use technology to help them catch these fraudsters alongside trained Referencing professionals. Tick box exercise referencing with the agent reviewing the docs will only lead to more fraud, suddenly your £5 reference became very expensive - but hell what do I know, only 10 years in the industry.
From:
Mark Tidridge
08 July 2019 12:41 PM
I'd like to agree with you but cannot I'm afraid. The sophistication of the fraud has developed and now fake companies are being set up with the same names as the "real company" but with maybe a minute detail different and generally most inexperienced people will be caught out. Websites are developed to look identical to the real ones, you need tracking on IP addresses to see if references have been provided by the same PC and internet address. Documents can be faked and purchased online with ease and credit files will only tell you so much. Whilst I'm sure if you have the time and inclination and the experience you possibly could find some of the fraud examples, without help you wont find all. And in my considerable experience most landlords won't and don't check to this level, most agents certainly think they do but don't at all. It is IMO one of the single biggest risks impacting Landlords and Agents - the real truth is that an awful lot of "experts" think they carry out referencing in the same way that the Referencing experts do, fact is they don't. End of.
From:
Mark Tidridge
05 July 2019 09:59 AM
Fake referencing has been on the rise for a number of years and the attempts to dupe referencing companies have been getting smarter and smarter. From fake documents, setting up fake websites to setting up companies to allow the fraud to take place. If ever there was a time where your referencing should be being completed by an experienced referencing firm, worked on by experienced referencers this is it. If you're using a cheap company and doing referencing in house the reality is you probably don't realise the level of fraud you are exposed to. This is exposing your landlords and YOUR business to extreme risk - but hey you saved a £5 on your reference. Use quality, experienced referencing companies people - you buy cheap, you buy twice.
From:
Mark Tidridge
05 July 2019 09:34 AM
I think the idea has merit, just going to show though that this new "disruptor" is doing nothing new, and there are companies out there that can provide some more insight to previous tenancies.
From:
Mark Tidridge
04 January 2019 11:34 AM
Nothing new here. As a business providing Tenant Referencing we already provide all of these services to our clients. We also have our own default tenant database informing our customers of tenants who may have had problems paying rent in the past.
From:
Mark Tidridge
04 January 2019 10:55 AM
If the tenant or landlord requested details of this they would have to under FCA rules, however, there is no duty to declare this at the beginning ? many firms work with partners to provide introduction services for a lot more than insurance - is that an issue ?
From:
Mark Tidridge
25 July 2018 10:26 AM
Is it right that a commercial entity is allowed to comment on legislation without true representation from a competitor to that commercial entity ? Could be seen as pushing their own commercial "agenda" ?
From:
Mark Tidridge
07 June 2018 12:03 PM
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18 March 2020 16:36 PM
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