Real Estate Lettings

Reduce Fraud and Problem Tenancies

Letting Agents, Landlords
and Property Management


Landlords have 4 core requirements:

  1. The tenant can rent the property legally
  2. The ability and willingness to pay in full and on time
  3. A reasonable likelihood of caring for the property
  4. The tenant understands decorum and is unlikely to be a nuisance to neighbours

Let's consider the following scenarios:

  • The tenant's income either falls short or is unstable
  • The tenant cannot prove sufficient income or savings
  • The tenant has serious health or wellness issues preventing regular work
  • The tenant has current or previous CCJs
  • The tenant caused many issues in the previous building leading to nuisance reports
  • The tenant has been evicted from a previous property
  • The tenant is not a permanent resident or citizen, or the current visa/right to remain expires before the end of the tenancy agreement
  • The tenant has or had ties to criminal elements, money laundering, drug cartels or terrorist financing

Implications

When a person is unlikely to pass standard background checks, the temptation to fabricate documentation increases. Now consider the significant threat of identity theft and fraud, and the increasing number of fake documents for sale, and you may find yourself on the receiving end: checking out the "Real" John Smith for CCJs when in fact your applicant is a different person entirely. Should you or your background screening firm wrongly identify a tenant, landlords may well litigate against letting agents. Even if the tenant provides photo ID such as a passport, how can you tell that data has not been altered and a fake photo placed on top? It would require specialist training and realistically a scanner per office to ensure their validity, which would be too costly.

Vendor Risk

How many processes does your current Background Screening vendor handle manually? How many third-party suppliers do they use? If part is still manual, or even if they calculate affordability decisions on spreadsheets, these are prone to human error.

LetFaster's Approach

LetFaster automates the entire process, providing a faster and more resilient process and an excellent choice for fully-remote tenant approval and onboarding. A digital Biometric Identity Screening solution will improve accuracy, smooth onboarding and function during health pandemics. Tenants will no longer need to present their passport in person, to meet Right-To-Rent requirements, as our system provides a significantly improved authentication process and offers tenants a much more convenient onboarding solution. Our service includes:

  • Biometric Identity & Official Document Verification
  • Right-To-Rent Checks
  • Proof of Address
  • Employment, Landlord and Guarantor References
  • Proof of Employment/Savings/Income/Annual Accounts
  • An Affordability Decision
  • Bank Account Validation
  • Credit Checks
  • Global Sanctions Checks (UNSCC, OFAC, OSFI, OFSI, SECO)
  • Barred Directors Checks
  • Criminal Checks
  • Guarantor Background Checks

A User-Friendly Portal

Each client has their own portal, which is suitable for companies of all shapes and size. It replicates internal structures, lets you create team managers and teams, with access restricted to each person's day-to-day roles. Automate import of client names and all rental properties, and in under 30 seconds send a tenant, or a group of sharers an invitation to register for a particular property. Once the Tenant has completed all checks you will be automatically notified and can view progress at any time inside your portal.

Strengthen Internal Controls

The portal provides strict access controls, customised permissions (which you set up during initial sign-up) and full control over which data is accessed and by whom. All identifying data is encrypted and data handling is more stringent than GDPR requirements. A full audit trail is provided, which also flags potential internal and external fraud risks.

Real-Time Business Intelligence

Generate enterprise-wide views or drill-down to any level of detail: region, country, city, office, client-type: useful for management, monitoring and regulatory reporting.

Monitor and analyse useful measures, such as Days to Rent a property: faster than average rentals may indicate increased demand or that pricing might be adjusted. Slower than average could suggest the area or particular property has issues. These types of insights are only possible with data collection and collation into useful analytics. We also produce analytics on Client Revenues, Commissions/Sales per letting agent, as well as Renewals and these are available at different levels of granularity.

Contact us to arrange a call or request a demo.

Gain insights and learn about current trends