{"id":8463,"date":"2020-12-04T15:47:08","date_gmt":"2020-12-04T15:47:08","guid":{"rendered":"https:\/\/dev.withcreative.co.uk\/lforl\/?p=8463"},"modified":"2020-12-04T15:47:08","modified_gmt":"2020-12-04T15:47:08","slug":"eight-key-insights-for-landlords","status":"publish","type":"post","link":"https:\/\/dev.withcreative.co.uk\/lforl\/eight-key-insights-for-landlords\/","title":{"rendered":"Eight key insights for landlords"},"content":{"rendered":"

\"\"<\/a>
\nI\u2019m Sim Sekhon, MD of Legalfo<\/em>rLandlords and over the years, I\u2019ve amassed a great deal of knowledge about the property rental sector. But I\u2019m also a landlord and while the sector might be evolving all the time, one thing remains constant: landlords need protection. That\u2019s why I\u2019m sharing eight insights that recognise this fact.<\/p>\n

1) Quality tenant referencing<\/a> costs money<\/h2>\n

If a reference is cheap as chips, there\u2019s a good reason. It costs a little more to get the job done right, but if you\u2019re still counting the pennies, it\u2019s worth putting the cost of a reference in context. The average length of a tenancy is 24 months, with an average rent of \u00a3950. That\u2019s around \u00a323,000 of income you are jeopardising – just to save the price of a coffee.<\/p>\n

2) Don\u2019t leave decisions to someone else<\/h2>\n

It\u2019s your right to see the full and comprehensive tenant reference – even if that\u2019s something your agent has arranged. The Property Ombudsman regulations require an agent to give you a copy before the tenant moves in. If you don\u2019t get it, ask for it. What\u2019s more, feel free to question it.<\/p>\n

3) Balance the costs and benefits<\/h2>\n

Referencing can dig into all sorts of areas. Land registry titles, power of attorneys, criminal record checks, digital ID verification, multiple address checks, voice recorded calls, letterheaded paper, the list can go on and on. The more checks made, the longer it takes and the more it costs. You need to find the balance that works for you, minimising both risk, expense and void periods.<\/p>\n

4) Open Banking<\/a> is fantastic<\/h2>\n

The technology is secure – banks have been using it for years – and it speeds everything up. A few clicks and all the important documents and evidence is in place. It\u2019s accurate, easy to use and a huge win for all parties.<\/p>\n

5) Who can you trust?<\/h2>\n

Be careful about the information you receive. Can you trust a previous landlord who wants to be rid of a troublesome tenant to be 100% honest in their reference? It\u2019s the same with agents and references they complete. Are they glowing when they should be cautious? Knowing who to trust isn\u2019t easy, but you\u2019ll soon learn who you can\u2019t rely on.<\/p>\n

One thing you can trust is the info you get from Open Banking (see point 4) which will show payment history, rental amounts and dates. If there\u2019s no other reliable information, it\u2019s valuable and objective.<\/p>\n

6) Back tenant referencing with rent protection insurance<\/a><\/h2>\n

Referencing used the right way will protect the interests of landlords, tenants and agents but even the best, in-depth referencing service isn\u2019t a cast-iron guarantee there won\u2019t be trouble ahead. Even after a positive reference, rent protection insurance<\/a> makes sense \u2013 whether we\u2019re in the middle of a pandemic or not.<\/p>\n

7) Fraud is a fact of life<\/h2>\n

At Legalfor<\/em>Landlords, we find instances of fraud every week: bogus employment records, payslips, bank statements, company email addresses, websites, Companies House listings, telephone numbers, fake contacts, fake landlords, fake agents. Often the fakes are very sophisticated. Protect yourself by choosing a referencing provider who will do everything possible to eliminate this risk for you. Remember, a cheap, fast reference isn\u2019t going to dig below the surface.<\/p>\n

And finally:<\/p>\n

8) Do as you would be done by<\/h2>\n

Legalfor<\/em>Landlords conducts referencing for every client in the way I would want it done if it involved my property, tenant or investment.<\/p>\n

The do as you would be done by principle runs through everything we do. It\u2019s how we build trust in a challenging world.<\/p>\n","protected":false},"excerpt":{"rendered":"

I\u2019m Sim Sekhon, MD of LegalforLandlords and over the years, I\u2019ve amassed a great deal of knowledge about the property rental sector. But I\u2019m also a landlord and while the sector might be evolving all the time, one thing remains constant: landlords need protection. That\u2019s why I\u2019m sharing eight insights that recognise this fact. 1) […]<\/p>\n","protected":false},"author":2,"featured_media":8465,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[63,2081,2183,2206,21],"yoast_head":"\nEight key insights for landlords - Legal For Landlords<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.withcreative.co.uk\/lforl\/eight-key-insights-for-landlords\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eight key insights for landlords - Legal For Landlords\" \/>\n<meta property=\"og:description\" content=\"I\u2019m Sim Sekhon, MD of LegalforLandlords and over the years, I\u2019ve amassed a great deal of knowledge about the property rental sector. 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