Online firm will 'pre-screen' agencies for tenants, and vice versa

LetsBid, a digital online auction service for lettings and sales, has extended its pre-screening service for agents with a new agreement with Experian Background Checking.

It says that it is investing “a six figure sum” into expanding its business including this additional service for letting agents. 

“We aim to create the largest pool of pre-screened tenants, up to 10,000 a month. Currently tenants can be charged £80 to £120 for credit and reference checks. This will be done for free” explains Milton Rodosthenous, LetsBid founder and director. 

He says this means that agents can access ready-checked potential tenants, while tenants themselves can benefit from knowing that the checks are free. 

Agents registered with the platform will also be ‘pre-screened’ says the company, although it does not specify what such checks will involve. 

“This adds trust to the process. The upcoming letting fees ban in England is about bringing more transparency and trust to the property sector and online we are leading the way. This screening will be in place prior to the tenant fee ban” adds Rodosthenous.

Agents registered will be able to access a database of pre-screened tenants. Agents can currently register for free until mid-2019 after which a monthly fee will be introduced. 

“It is likely to be around £100 a month for agents which we feel is a highly competitive offer” claims Rodosthenous.

“The feedback we have had from agents is landlords are more likely to accept a reduced rental offer from someone who is ready. The future is online for tenants and agents. New technology means that everyone can access the information they need at anytime, anywhere and on multiple devices” he adds.

Experian’s Michael Magabo says: “Better decisions can be made when there is more information available, so it is easy to see the appeal for lettings agents and landlords in looking for tenants who have been pre-screened.”