A new agreement has been put in place that will provide pre-screening services to tenants and letting agents.
[UKPRwire, Tue Sep 04 2018] A new agreement has been put in place that will provide pre-screening services to tenants and letting agents ahead of the ban on fees in England and Wales.
With letting agents and landlords facing increased costs when the Government’s ban on letting fees in England is introduced in 2019, LetsBid, a digital online auction service for lettings and sales has secured an agreement with Experian Background Checking.
LetsBid is investing a six figure sum into what it believes is the future of its online property business and director Milton Rodosthenous said that the agreement will make the lettings process faster, more high tech and easier for everyone involved.
‘We aim to create the largest pool of pre-screened tenants, up to 10,000 a month. Currently tenants can be charged £80 to £120 for credit and reference checks. This will be done for free,’ he pointed out.
It means that agents can access ready checked potential tenants and tenants can benefit from knowing that there are no costly checks to be done. Agents who are registered with LetsBid will be able to access a database of pre-screened tenants who are looking for homes to rent while tenants can benefit from knowing that the agents they are dealing with have also been screened and approved.
Agents can currently register with LetsBid for free and this offer will be in place for all agents until the middle of 2019 after which a monthly fee will be introduced. ‘It is likely to be around £100 a month for agents which we feel is a highly competitive offer,’ he added.
Tenants will be able to register online and have their checks done almost immediately. Within minutes they will be able to search for a home and the agent concerned will be reassured that no adverse financial credit data exists.
‘The feedback we have had from agents is landlords are more likely to accept a reduced rental offer from someone who is ready. The future is online for tenants and agents. New technology means that everyone can access the information they need at anytime, anywhere and on multiple devices,’ Rodosthenous explained.
Agents registered with LetsBid are also pre-screened. ‘This adds trust to the process. The upcoming letting fees ban in England is about bringing more transparency and trust to the property sector and online we are leading the way. This screening will be in place prior to the tenant fee ban,’ he added. According to Experian’s Michael Magabo tenants who join the Rental Exchange will can also strengthen their credit histories, which can put them in a better position to get on the property ladder in future.
‘Better decisions can be made when there is more information available, so it is easy to see the appeal for lettings agents and landlords in looking for tenants who have been pre-screened,’ he added.