4 ways letting agents can fast-track tenant referencing with the latest advances in tech

Chasing down paperwork, waiting on responses, and verifying details can all cause delays that hold up move-ins. 

Thankfully, the latest advances in technology and tenant referencing software are changing the game, and making it easier than ever for letting agents to collect, verify, and manage the information needed to reference tenants quickly and accurately. 

From automating data collection to digital ID checks, here’s how fast-track referencing solutions are speeding up the process and helping agents get the job done more efficiently.

4 fast-track referencing solutions for letting agents

Fast-track referencing solutions use smart technology to simplify and speed up tenant checks. Here are five ways technology is making the tenant referencing process quicker and more efficient for letting agents:

1. Easier document collection
   Managing paperwork can be a hassle when dealing with rental applications and tenant referencing. Technology simplifies this by allowing tenants to upload all necessary documents to one platform. This can include proof of identity, visas, bank statements, and more, which can then be securely stored and easily accessed by letting agents. Digital document management means no more lost paperwork or time spent chasing tenants for missing files. Everything is accessible in one place, and cloud storage ensures documents are safely backed up and available when needed.
   
   
2. Automated chasing

   One of the biggest bottlenecks in the referencing process is waiting for references from an applicant’s employers or previous landlords. Traditional methods involve phone calls or emails that can go unanswered for days – or get no response at all. 

   With automated chasing, your referencing platform automatically sends reminder emails and texts to tenants’ references, nudging them to respond faster. This reduces delays in the referencing process and removes the need for agents to waste precious time chasing. 

   Faster ID verification

3. IDVT  (Identity Document Validation Technology) allows agents to digitally verify a tenant's identity and right to rent by scanning biometric identity documents like passports or driving licences. This method ensures the documents are genuine, matching them with the tenant’s information in real-time. 

   With IDVT, agents no longer need to conduct manual identity checks, reducing the time spent on validation and providing better protection against risk of fraud.

4. Instant income verification
   

   Using open banking for tenant referencing makes manually verifying bank statements a thing of the past. Tenants can securely share their financial data with letting agents, providing instant access to transaction history, income verification, and spending habits.

   
   

   This real-time access not only speeds up financial assessments but also gives agents a more accurate view of a tenant’s affordability. By automating income and rent affordability checks, open banking eliminates the need for tenants to send physical bank statements, ensuring a quicker, more transparent referencing process. 

A faster way to do tenant referencing

Technology is changing tenant referencing for the referencing, making it quicker and easier for letting agents. With tools like automated data collection, ID checks through IDVT, and Open Banking for financial verification, the whole process is smoother than it’s ever been before.

By using these fast-track solutions, agents can cut down on delays, avoid mistakes, and keep things moving – making life easier for everyone, and getting tenants into landlords’ properties faster.

Ready to speed up your tenant referencing process? Explore how Vouch can help you fast-track tenant checks and enhance your lettings workflow.