Forget credit checks and references, buy-to-let landlords are turning to social media to vet potential tenants, research has discovered.
Facebook, LinkedIn, Twitter and Instagram are providing a wealth of information which is allowing more than one in ten landlords to gain a valuable insight into the background of would-be tenants, according to Foundation Home Loans.
The mortgage lender discovered landlords were using their social media accounts to gather information on jobs and career history right through to friends and lifestyle.
Face-to-face
However, some of the more traditional methods of screening suitable candidates still remained popular with landlords. One in seven said they visited their properties once a month to meet their tenants and carry out necessary repairs.
A third chose to interview for potential tenants to help them find the most suitable person. However, personal references were chosen by 34% as a happy medium, allowing them to understand personalities whilst maintaining a reasonable distance.
References
Landlords in the 18 to 34 age group tended to favour employer references as part of their screening process while those in the older generations preferred endorsements from previous landlords.
Jeff Knight, marketing director at Foundation Home Loans, said: “Buy-to-let is a business, so it’s only natural that landlords would want to vet their potential tenants just as an employer would a potential employee.
“While Facebook and social media accounts may not be the best source of information if used in isolation, they can offer a valuable insight when set against other checks such as references and credit checks.
“After all, maintaining a good rental income is a priority and void periods can be particularly damaging, so it’s important to ensure this is not a risk when new tenants move in.”
The research also found there was a preference amongst landlords for middle aged couples, who were singled out by 21% of landlords. The fact they were less likely to damage the property made them a more attractive prospect.
Meanwhile, 16% said they would favour families with children as they were more likely to stay in the property and 8% named young singles as their preference.
