LATE AND NON-PAYMENT OF RENT IS ON THE INCREASE
5 June 2009
LANDLORDS are being warned the services of a professional letting agency to find tenants are even more crucial during a recession which has seen an increase of late and non-payment of rent and a 40% increase in identity theft.
Job insecurity, bankruptcies and repossessions have increased the number of people looking for rental accommodation but are all these tenants a good risk?
According to Carl Mimmack, Managing Director of Accord Lets which deals exclusively with the residential letting market in Birmingham city centre and Leamington Spa, you need to have a robust vetting procedure to make sure a prospective tenant is a low risk to the landlord and that the rental is paid on time.
Identity theft by prospective tenants to ensure that they are able to rent a property is also on the increase with a risk to landlords and tenants at existing properties.
Utility bills incorrectly addressed to landlords or former tenants and bank statements delivered to the wrong address or a previous address provide the tools fraudsters need to steal identities and credit histories, not to mention access to finances they don't own.
Which means landlords and tenants could be at high risk of becoming the victims of identity theft.
Carl Mimmack said: "It's very easy for fraudsters to pull the wool over the eyes of inexperienced people who don't have the same resources as professional agents when it comes to vetting tenants.
"Landlords need to know people are who they say they are, that they will be able to pay the rent and that their referees are who they purport to be.
"Accord has a system of vetting honed over almost two decades which includes anti-fraud and personal identity checks, credit history, bankruptcy and County Court Judgements."
There are steps landlords and tenants moving on can take to help prevent their identity being stolen.
When you leave a property, make sure you notify your bank, building society, insurers, the utility companies and anyone else with whom you have financial dealings, of your new address.
Shred any paperwork you no longer need, rather than put it in the bin.
Change your address on your driving licence.
Ask the Post Office to redirect post to your new address for at least six months.
Landlords should ensure correspondence concerning a let property is sent to their home address.
Collect all mail from the rental property during void periods, particularly if it is normally left in communal areas of an apartment complex.
"The most vital advice, however, is to use the services of a professional agency such as Accord Lets when looking for reliable