Landlords and renters benefit from a new type of tenant reference: The ‘Referencing Passport’
- Landlords and Letting Agents: imagine not having to go through the hassle of referencing your tenants yourself; where all you had to do is hand them a leaflet and then the entire process was done for you, within a matter of hours/days…
- Tenants: wouldn’t it be fantastic if there was a way to save money on the lettings process, as well as highlighting how reliable you’ve been in the past with keeping up on your rental payments?
What with housing legislation changing on an almost hourly basis – e.g. Right to Rent Immigration Checks, Lettings fees set to be banned in England and Wales, Section 24, etc – calls have been made for a new way of producing references for tenants, which could also benefit landlords and letting agents.
So the TR Group took this into consideration and have now launched The Referencing Passport for Tenants.
What is a ‘referencing passport’?
This proactive ‘referencing passport’ saves tenants money as it can be validated by any UK landlord or letting agent directly through TenantReferencingUK. Another important benefit is that if a reference is already in place, then the letting process is much quicker than it would otherwise be.
How does a ‘referencing passport’ work?
Valid for 90 days from date of issue (subject to no changes in circumstance), tenants or guarantors can pre-reference themselves for the purposes of creating a tenant passport to show any potential landlord and/or letting agent that they are:
- Financially secure
- Have a good renting history
Can a ‘referencing passport’ help with a tenant credit score?
Whilst County Court Judgements are issued to tenants for rent arrears, the process can be a timely and costly exercise for landlords to pursue.
Some tenants know how difficult it can be for landlords to pursue them for the money owed – a situation that can be taken advantage of by rogue tenants and something that ultimately gives good tenants a bad name. Which is why landlords often insist on deposits that are six to eight weeks’ worth of rental income.
However, landlords can now have complete peace of mind as our unique ‘Tenant Histories’ can indicate whether a tenant has a flawless record where rents have been paid in full and/or if they’ve incurred any property damages. Which then gives landlords the option of choosing a different tenant instead.
In this way, it works like a credit score for the private rental market.
Are there any extra benefits for landlords?
Apart from the very obvious one that instead of a landlord having to go through the process of getting the tenants details and doing all the referencing with a passport he just passes the applicant tenant a leaflet and the landlords who use the TR ‘Referencing Passport’ system can access an effective 12 months Rent Guarantee Insurance policy covering loss of rent and all legal expenses to evict a tenant at a reduced rate of just £80 (inc. IPT).
The RentSafeUK RGI policy provides unparalleled protection against:
- Property Damage
- Eviction of Squatters
- Rent Recovery
- Rent Arrears
- Legal Defence
- Hotel Expenses
- Storage Costs
The TR Group Referencing Passport is easy to use, prevents landlords/agents overcharging tenants and is fully transparent; the way forward for the UK’s expanding private rented sector.