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At LandlordReferencing.co.uk we hear of some companies who offer references for “free.”
We all know that nothing is for free these days and someone somewhere will definitely be picking up the tab, or it is “free” if you buy something else.
LRS truly believe that tenant referencing should purely be for the purpose of referencing – it should not be contaminated by those who are only offering it in order to sell Rent Guarantee Insurance policies. The fact is that an RGI policy does not guarantee that the tenant will be a good tenant – it just means that you’ll receive a policy if they can’t pay their rent. Furthermore, RGI will not pay for the heart ache and problems a landlord will experience trying to evict a tenant.
And it is important to note that the likes of Rentchecks, Callcredit, Experian, Homelet, TenantVerify, LetSure, Veri-Check, The NLA, The RLA, etc will not be able to offer you a Lifestyle Reference as we do at LandlordReferencing.co.uk.
With recent increases in anti-social behaviour and the UK on the verge of falling into a rent debt crisis, LRS are firm advocates of tenant referencing becoming a mandatory requirement for all landlords and letting agents – in order to aid communities achieve safe, comfortable and quiet neighbourhoods for them and their families.
Ask yourself this: Do you have access to the most cost effective and comprehensive tenant referencing background checks? Unless you are an LRS member, then the answer would have to be NO.
I have found the new system very straight forward being able to send out an application form via email and then getting it back and carrying out the comprehensive financial references for £12 was very easy.
I just hope you can get every landlord and agent to join this year and then we will be totally covered.
Heritage Estate Agents said
We use a combination of LRS and Homelet in a two stage reference. Not saying how much we pay as have a good deal, but it works for us.
You must have a very good deal with Homelet.
These idiots wanted to charge me £500 for the same RGI cover I achieved for £99.00!!!
Have Homelet reduced their prices now or do you have a 'special' arrangement which us self-managing PRS LL can't obtain!?
Also remember the proof of RGI is in the claiming; Homelet don't have a very good track record of paying out to my knowledge!?
Do you have any experience of a good customer experience for your LL when a Homelet RGI claim is submitted!?
As regards referencing in general; it is absolutely correct to say that RGI is NOT the be all and end all for tenant referencing.
It is however the foundation upon which to build all other referencing on.
So RGI check first; if they or a guarantor pass then carry on with other referencing; if they fail then tatty- bye to that tenant prospect!!
It is a bit pointless leaving the RGI check till last.
Obviously if they fail the RGI check and the LL still wishes to pursue other referencing then that is a business choice.
Nobody can state that a business decision to consider a tenant prospect who can't pass a RGI check is wrong.
It is down to the individual LL what risks he chooses to take.
Every LL is different and has different strategies to cope with tenants who can't qualify for RGI.
Mine is NOT to take them cos I cannot afford the risks.
Other LL will perhaps not be in such a financially challenged position as me and can afford to take a risk on a non-RGI qualifiable tenant.
I SAY GOOD LUCK TO THEM!!!
Well as you know we are applying for our FCA licence and as soon as we have it will be offering our own RGI and then you won’t need to use homelet, however I still think our new initial basic tenant reference for £7 which includes a£3 credit towards lifestyle referencing is a good initial check for any Agent and considering Cathy’s post yesterday - Absolute proof that LRS does work – all landlords and letting agents, please read this …….. Whereby none of the other UK reference companies have a members interactive system like LRS that would have stopped Cathy taking this guy in her thread it must be THE BEST TENANT REFERENCE IN THE UK?
LRS does not just stop us taking the ones who have gone to court and had the debt registered (Which most of us do not bother doing anymore) LRS stops us taking one another’s bad tenants that have not gone through the courts and I think we can agree there are a lot more of those floating about and there numbers grow everyday.
The nicest thing for me is that Cathy protected her Landlord and a Landlord that will realise that she has gone the extra yard to protect him and that is why Heritage and the other Agents on here who interact as part of the community deserve landlords business because they are the exception not the Rule.
Paul Routledge CEO Tenant Referencing UK.Com
If you could incorporate all the relevant referencing for RGI and the LRS service; perhaps at a slight discount for doing 2 reference types at the same time this will encourage more LL to bother with a inclusive RGI check!
Somehow RGI checking needs to be considered as part of the 'normal' referencing process and is GUARANTEED to work with the references acquired.
What we don't want is for the RGI company when a claim is submitted to wriggle out of the claim on the basis that the initial checking and info was inadequate.
Hopefully the LRS RGI offering will comply with this requirement!?
Nothing will destroy the credibility of a RGI offering if the referencing is deemed by the RGI company to be insufficient.
All a bit too late by then!!!
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