Tenants financial referencing is an important way to ensure you are taking on reliable and financially appropriate individuals for your properties. For too long, landlords and property managers have had to pay excessive fees at traditional lettings agents, simply to make sure their tenants are reliable rent payers.
According to SevenCapital, rent arrears is a top concern for landlords. This is why it is important to undertake a thorough financial referencing check from the outset to avoid any problems later down the line.
Don’t let the lengthy looking vetting process put you off, choose Bunk. Bunk doesn’t want to charge you an extortionate amount to fill your properties with happy, on-time-paying tenants. That is why we are completely transparent about our vetting process, what we do and how we get results, quickly.
From referencing to moving in 48 hours later.
Bunk has managed to connect a new landlord, to new pre-checked tenants and get them moved in over the course of a weekend, and we could do the same for you. The tenants on our app have their very own Bunk rental passport, allowing them to fill out their profile with important background information that will fast track the application for both tenant and landlord. This rental passport works as an identity document with all their important documents and details stored in one place. The rental passport also includes search preferences, employment information, and credit information to speed up the referencing process and allow landlords to make an instant decision on the applicant.
With our capable and efficient team, Bunk swiftly carries out the references for you, by verifying the information already given to us in the tenants rental passport, but also taking further measures to ensure the eligibility of your tenant. When you manage your property with Bunk we undertake a three-step verification process on your behalf saving you hours of your time:
- Bunk conducts a comprehensive credit check with a reputable credit check agency. Looking out for a history of bankruptcy, insolvency or County Court Judgements (CCJs).
- Bunk requests proof of current income, such as a bank statement or payslip. We make sure all potential tenants are receiving regular payments from their employer.
- We additionally ask for proof of employment, such as a recent payslip or employer reference. An employer reference can help to verify potential tenants’ income information.
In addition to the above, Bunk also will check the financial eligibility of a tenants guarantor if needed. We believe in security for you and your tenants, but also don’t want to keep you waiting. As the financial referencing for tenants can be stress-inducing, let us take it out of your hands. So you don’t feel left in the dark, Bunk allows you to access the tenants references and financial reports in real-time on your app. This transparency keeps both the tenants and yourself on the same page ultimately giving you the final say.
What other references do we offer?
Another vital part of the tenant check process is to obtain references from previous landlords or property managers. This continues to be a great way to get a character reference for the tenant. In particular, Bunk looks out for whether the occupant has a history of damaging rental properties or breaking the rules of the tenancy agreement.
We can collect up to two landlord references. This way, you can make sure that you’ve got great tenants moving in!
At Bunk, we make it easier than ever for landlords and property managers to conduct thorough tenant checks with our helpful digital lettings platform. When you manage your portfolio with Bunk, we’ll take care of the entire process. We’ll obtain a full identity verification, employer check, and credit history report on your behalf, giving you one less thing to think about. To find out how Bunk is helping property managers across the UK, book a free 30 minute demo with one of our lettings experts today.