Tenant vetting important amid economic downturn, expert says
News Category: Industry News
Published: 19-Feb-2009
This article was brought to you by Rentman the premium rent management software.
Landlords and letting agents should consider vetting prospective tenants in the current economic climate, according to Landlord Assist.
Commenting at the tenant eviction and rent protection firm's blog, managing director Graham Kinnear said owners of properties to rent need to take extra precautions while the economy is in recession.
His comments follow research by the National Landlords Association in December which revealed that 37 per cent of landlords were experiencing difficulties in collecting rent from their current tenants.
Furthermore, 71 per cent expected problems with rent arrears to increase this year.
Some landlords and agents could already be using rent collection software to manage their income at present, but the need to check the credentials of tenants before handing them the keys was stressed by Mr Kinnear.
"There is a clear correlation between the people that we are instructed to evict from properties and those which were not thoroughly vetted prior to moving in," he wrote.
Find out more about letting agency software.
