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Paul Routledge said:
I am afraid I agree with the degree of cynicism being expressed here regarding the social sector passing on all their dross to the PRS.
If the social sector won't accept them and the PRS won't because it is clued up with LRS then where will these wronguns go?
I have to say I don't care as long as I don't end up with them.
Which I won't as I will use LRS and RGI policies meaning I will NEVER be affected by these wronuns.
If EVERY landlord did the same the councils would be left with a huge amount of tenants who could not be placed in the PRS cause we all use LRS etc.
That is obviously the ultimate situation.
However despite the govt platitudes there is no way that they want PRS landlords using LRS as the councils would be b------d!!
Perhaps the councils have to start thinking outside the box and offering free insurance policies to landlords to convince the PRS to take on these wronguns which we will know ALL about because of LRS!
I agree as a landlord we are not there to police our communities, however we can protect ourselves from taking a bad tenant with our system and keep them out of our properties for good. however I cant see that they will take out insurance policies on behalf of landlords to protect their rent and I don't think the insurers will want to underwrite that sort of tenant anyway.
In fact we have been approached by one of the UK's largest insurance company's who have suddenly woken up to the fact that they are insuring tenants that come up clean on credit referencing company's but have a history of bad debt and damage with landlords. In a recent meeting one chief he sat there open mouthed as he realised that they were insuring against tenants that we were sending out alerts on, on the very same day.
I think Paul you might find certain insurance companies start sniffing around LRS, with a view to purchase.
I think providing you can keep the basic service free then additional investment in your ever expanding services can only be a good thing.
Indeed based on what you have said the more services you have the more an insurance company would save on false RGI policies and other policies.
As you have stated on many occasions the standard credit reference file is pretty useless; it can only be part of a reference process.
It seems some insurance companies naively believe it is up to date and can be relied upon.
Indeed it is my experience that supposed big businesses are very naive when it comes to constructing policies ; they do not seem to be very wordly wise.
Indeed they would learn an awful lot about their business if they came onto your site and read the info.
I think they are to some extent hoisted by their own petards as evidenced by your insurance chief being ignorant over the info you imparted to him.
They don't seem to understand that not many landlords bother going to county court.
Don't seem to be aware that even if a CCJ is achieved it DOES NOT automatically get applied to the credit files and then it takes time, so gives a fraudulent tenant a window of opportunity..
Credit file date is always about 2 months out of date.
Hopefully these silly insurance companies will start taking a serious interest in what you have to say and start working with you as a viable business which need further capital assistance.
The amounts needed are peanuts to an insurance company, but if ALL landlords sign up they will save a fortune.
Indeed I don't know why these RGI companies insist that you are a member of LRS before they will let you take a RGI policy out, requiring a copy of a LRS enquiry on the tenant you are applying for an RGI policy for.
You seem to have come out in you answer above in the former comment box in purple rather than as an answer which is a shame because your answer is so true.
But I think that whereby our competitors deal with and have sold out to larger corporates and seem to have lost their identity, we are still growing and getting more landlords join every day, so the data base is just getting stronger and safer and as I say when you are insuring tenants that have not been taken to court by previous landlords the information within is a gold mine to insurance companies.
However as a company we are not for sale and can only work with the insurers if we can add benefit to our members which is a win for everyone. selling is only a win for us and that is not why we started it, we started it to make landlords and letting agents in this country safer.
So spread the word my friend and we will all make a difference to changing the laws in this Country where landlords are fair game to being legally mugged without recourse from those who do it.
Sorry about the purple bit I mucked up.
I am sure this occasionally happens and it would be helpful if you could adjust things correctly as you surmise was the original intention.
I am sure you could come to a very fruitful arrangement with an insurance company concerning data which I am sure would give added value to site members.
I think as you have suggested there is a gaping hole in their underwriting business model.
As the keeper of the key to that vital data LRS could save them thousands of pounds.
You however must not sell your soul of the free LRS concept; but it could certainly go a long way to maintain the core free services.
I personally have no objection to insurance companies trying to flog me product via your site, providing the core services remain FREE!
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