In today's economic climate most landlord's agree that it makes sense to carry out some background checks on prospective tenants before handing over the keys, especially when every 5 min 12 sec someone is declared insolvent or bankrupt in the UK, and over 1,900 County Court Judgements are now issued every day. These figures include tenants, and beg the question how does a landlord or letting agent keep track of tenants that are falling into financial difficulty after they've moved in?
At Martin & Co we believe we've found the answer to making our tenant background checks more than just a snapshot in time. Working with The Landlord Hub, we have access to a product that not only carries out full comprehensive checks on income, rental history and credit run at the outset, but also monitors the tenant's credit record throughout the tenancy term and alerts them to any changes . something that up until now hasn't been possible with other providers.
Chris Poulton said 'Every month we're provided with an update on any tenants that have had new detrimental credit information about them . these are tenants who have previously passed referencing checks, but you can't predict the future and it helps us and our landlords to be informed. We find that most letting agents offer referencing as a 'snap-shot' in time . but we wanted to offer more than that, we want to ensure that our landlords have a 'snap-shot' that constantly updates itself . in some cases it's an early warning of potential problems'.
An early warning sounds like a sensible idea, especially given that the number of tenant evictions in England and Wales are also reaching record highs. Last year alone 37,739 eviction court cases went the full distance to requiring a bailiff to remove the tenant.
Luckily, at Martin & Co we also provide Free Eviction cover for landlords should tenants default on rental payments, to ensure that landlords can gain possession of their property again as soon as possible.
Chris continued, 'Free Eviction is a great feature of our service . along with Tenant Monitor it means we've got all bases covered for our landlords. It's great to be able to provide solutions that really help . when we're talking to our landlords we can assure them that if there is a problem tenant that won't pay, we can get them out of their property with no additional costs for them . it's why so many landlords trust us, because one of a landlord's biggest worries is having a tenant who won't leave . especially when the average cost of a tenant eviction currently sits at approximately £1, 650'.
These elements make sure that Martin & Co customers are provided with the highest level of protection from a unique market leading package.