We all know that landlords must carry out a series of vigorous checks on prospective tenants before letting a property, as this is standard best practice which safeguards their property business.
A high quality, detailed reference offers landlords clarity and essentially confidence that their property will be well looked after. It provides all the background information on prospective tenants, helping landlords and letting agents make an educated choice about who they are letting their property to, what a tenant does for a living, a previous landlord recommendation, crucially their right to rent in the UK, and importantly - their financial position, including their ability to pay the rent on time each month.
There are different levels of referencing available to landlords and letting agents, from a very basic package to a more a comprehensive service, but it would appear that many buy-to-let landlords are now saving significant sums of money by using a relatively new low-cost referencing app to vet tenants and ensure that they are all they seem.
Vouch, which costs £5 per full reference, claims to have saved landlords and letting agents an estimated £1m on tenant reference checks since launching at the end of last year.
The platform automates much of the referencing process and estimates savings of up to 85% against the cost of a typical reference.
Vouch also has a built-in capacity for income generation from utilities and broadband, providing a valuable service to tenants by helping them get moved in quicker and providing agents with an additional revenue stream.
Simon Tillyer, director of Vouch, said: “Vouch offers agents and landlords a fully automated, web-based system delivering significant cost savings, via a comprehensive, time-saving solution.
“Technology and applicants perform the tasks, meaning that agents simply monitor progress. Vouch creates efficiency in the tenant application process and improves business-wide productivity and profitability.
“In addition, Vouch can also help agents and landlords supplement their revenue by providing them with commission on a range of media and utility packages, offered to all tenants signing new leases.
“We designed Vouch to simplify the tenant application process and help agents and landlords save money and benefit from a passive income stream.”