Is your perfect tenants reference real? 42% are fake!
Wednesday 4th March 2009
One of the key elements to attaining a successful property portfolio is ensuring that you offer your rental properties only the best in quality tenants.
Yet in a recent survey by LPS, of the 10,000 investors they surveyed, LPS discovered that 42% of them had received fake references from tenants aged 29 and below.
With at least another 50% having received a fake reference at least once during their career.
Yet this statistic is only a sample of the numerous deceptions investors have encountered from their potential tenants.
Continuing in their report, LPS noted that investors had also experienced similar instances from other age groups; some of which you may find surprising:
Aged 50 and above: 43% offered fake references
Aged 60 and above; 21% offered fake references
Without proper measures in place, the above figures could prove to have a detrimental affect upon the size of your passive income, by removing a vital part of any property investment strategy: a paying tenant.
So what do you do?
The only sure way to guarantee that your tenants are sending real credible references is to request these references yourself. Plus during this time it is essential that you have access to resources that will enable you to check out the validity of your tenant.
The key areas you will need to establish are:
1. Their credit history
2. Current/previous employment
3. Current/previous landlord references
4. P roof of income
And in terms of external character references, LPS have proven that given the opportunity tenants will opt to send fake references in order to acquire a tenancy agreement.
For this reason, at Property Mentor they have accumulated all the necessary resources to ensure that you receive the right helping hand towards building a strong, successful property portfolio for life.
Interested in learning more about all the possible resources that are available to you as a property investor?
Click here to visit the specialist landlord resource section which contains all the tools you need to ensure that your investment strategy stays strong.
Why not come along to the 2 hour taster session to increase your chances of success.
Click here to book your free Property Mentor Taster Session
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