An online tenant referencing platform says its new vetting service will enable the lettings industry to accept millions more prospective tenants, many of whom are usually rejected by traditional reference checks.
HomePPL is five years old and already has high-profile estate agency clients including Knight Frank, Countrywide, Foxtons, Douglas & Gordon and OpenRent.
The company says its new tenant approval process green-lights all but 5% of tenants compared to the 30% who are rejected by the ‘archaic’ referencing systems commonly used by agencies.
These, it says, let ‘good tenants’ slip through the cracks and who then have to pay extra for guarantors, large down payments, or end up in insecure rental contracts, creating a ‘tenant tax’ for those who don’t meet strict criteria.
These include the self-employed, international students and expats.
The platform was founded by Alexander Siedes (left) who experienced the unfair reality of the market first-hand when moving to the UK to study.
“It’s time the market used a solution that’s fair for both sides and prioritises giving an accurate assessment,” he says.
“The pandemic is compounding this problem and has reinforced the need for a robust due diligence tool.”
HomePPL uses Open Banking tech, proprietary behavioural analysis and fraud detection tests to assess the financial situation of potential tenants and their ability to afford rent, as well as helping pinpoint charlatans.
“Fraudsters are getting smarter and more sophisticated by the day so it’s vital our partners can adapt fast to reduce our exposure,” says Russell Markou of build-to-rent giant Quintaini (formerly Tipi).
“The pain Homeppl prevents through their diligent process makes a massive difference.”