In today’s fast paced lettings environment, optimising your operations is key to stay competitive and make sure you are able to find the best tenant for your landlord. With a rising trend in the UK since June where the viewing-to-let ratio and property fall-throughs are on the ascent, the pivotal task is to discern unqualified leads, preventing wasteful expenditure of time and resources on opportunities lacking viability. This underscores the significance of pre-qualification checks, making them a valuable tool in navigating this challenging environment.
Pre-qualification checks come with various benefits that will enable you to assess your prospective tenant's financial stability. By utilising technologies such as Open Banking, you can have confidence that the prospective tenant can afford the property, quickly verifying their income. This also gives reassurance to the landlord that the prospective tenant will be able to pay rent consistently and on time.
Additionally and as mentioned above, pre-qualification checks are useful tool to manage operational resources efficiently. By thoroughly accessing tenants you make sure you don’t waste time and resources of on an unqualified lead. Especially as it takes more time now to process all operational work.
By promptly identifying suitable renters, agents can minimise the duration of property vacancy. This not only aids landlords in ensuring a consistent rental income but also leads to decreased expenses related to prolonged vacancies, such as lower property maintenance costs.
The process of pre-qualification assists agents in ensuring compliance with rental laws and regulations. A methodical pre-qualification approach indicates that tenants are evaluated in a fair and impartial manner, thereby diminishing the potential for discrimination claims or legal complications.
If you are now convinced that pre-qualifying tenants could be a game changer for you, then you should get in touch with us. Our experts will walk you through our onboarding process and get you up to speed in no time!
