To Vet or not to Vet….stupid question?

The process in which you vet a prospective tenant, if you vet, has an impact on your business, your vendors and the speed of letting.

I don’t presume to tell any agent how to run their business, but if I could put an idea out there into the ether to be accepted or rejected according to that agents view.

Running a successful viewings service company now for four years to agents across the UK has taught me that everyone will run their own business in different ways, often according to their personalities or experiences. This includes deciding to Vet a tenant or buyer or not and to what extent.

Vetting has become almost a taboo among many agents as the opinion on this matter seems to vary so much that it may be being overlooked as a tool to improve the business regardless of the agents model.

Dictionary definition of vetting:
Collins Dictionary: “the act of making a prior examination and critical appraisal of (a person, document, scheme, etc)”

My definition of vetting for our sector:
To establish the viability and means of a prospect being able to take on the responsibility of letting or buying a property.

By vetting I do not mean credit checking. I mean asking appropriate questions and gaining a minimum level of evidence to warrant whether that person can become a ‘finalist’ candidate as the new tenant or buyer for your vendors property.

So we know that vetting is checking the ability of an interested party to be able to handle the cost and responsibilities of a property. This being the case when do you think that an agent should perform this check?

I believe the answer is at the earliest point of interest possible. This is where a key problem can occur, as many agents see this as a restrictive practice.

Why can early vetting be deemed restrictive by the agent?
⁃ It adds administration to the process regardless of the tenants potential to buy or let
⁃ It takes time from the office staff, therefore
⁃ It costs the agent money
⁃ Then the big one. Telling the vendor that there were (potentially) less viewings for their property.

I think the last one is the stand out issue for agents in an ever competitive market. Explaining this point to the vendor could become a USP though with a simple rephrase…

“We’ll only send you viewers that are able to buy/let the property. That means no tyre kickers for you, no extra time wasted preparing the house on Friday nights and Saturday mornings, and no having to stay away from your home for unnecessary viewings!”

When do agents vet tenants? The agents we speak to vet at different times but here are the range of stages:
⁃ Pre-Viewing
⁃ Pre-Application
⁃ Pre-Acceptance
⁃ Post-Acceptance

Everyone will have their own opinion on this but I believe that vetting pre-viewings offers the best outcome overall for the agent.

Here’s why:
⁃ It means less viewings,
⁃ Less cost over the marketing period (credit checking and admin further along in the process is more costly overall),
⁃ More control over applicants,
⁃ Less time wasters for the vendor and the agent,
⁃ and it puts the vendors interests first.

The return, in my eyes, is that the agent saves themselves money (increases their bottom line), does less work overall but improves the service provided for the Vendor.

When do you think prospects should be checked on their ‘procedability’? Add your comments below.

Written by Jim Johnston: jim@access2view.co.uk

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website. As an Amazon Associate, I earn from qualifying purchases.

You May Also Enjoy

Home and Living

Best Budget Smartphones Under $200

In the rapidly advancing digital era, it’s no longer a luxury but a necessity to have a smartphone. Not everyone however needs or is able to pay hundreds of dollars for an expensive device. The good news is that there are numerous budget smartphones under $200 that provide great performance, decent cameras, and a long…
Read More
Rightmove logo
Breaking News

Ten years on: More first-time buyers moving to cities while the coast stands still

New ten-year analysis of the property market shows that more first-time buyers are looking to move to cities, while the coast has seen no growth in new buyers First-time buyer demand to move to Great Britain’s 50 largest cities (excluding London) is up by 16% on average over the last ten years, with Dundee topping…
Read More
Breaking News

Homeowners in England and Wales overvalue their properties by an average of 16%

Homeowners in England and Wales are overestimating the value of their property by an average of 16%, according to new figures. Data from Quick Move Now compares homeowner estimates with formal estate agent valuations and is broken down by both region and property type. Overall, homeowners overvalue in every single category.   Regional breakdown Region…
Read More
Visual blemishes on Roads due to service upgrades
Estate Agent Talk

Emergency Sidewalk Repairs: When to Act and Who to Call

Sidewalks are the unsung heroes of city infrastructure—quietly assisting tens of millions of footsteps every day. But when they crack, disintegrate, or shift all of sudden, they might quickly turn out to be volatile liabilities. In a town like New York, in which pedestrian site visitors are constant and belongings proprietors are legally chargeable for…
Read More
Breaking News

Reapit report reveals agents’ long-term market confidence amid legislative challenges

Despite the significant challenges posed by a shifting economic landscape and the largest wave of housing legislation in decades, estate and letting agents remain steadfast in their confidence about their long-term future in the industry. According to the first Reapit Property Outlook Report 2025, covering the full breadth of sales and lettings agency opinion countrywide,…
Read More
Breaking News

Owner-Occupiers Drive Resilient Commercial Property Market

Buying Becomes 37% Cheaper Than Renting The latest Commercial Property Demand Index from specialist property finance expert, Rangewell, reveals that while investor appetite across the sector held steady in Q2, strong levels of owner-occupied commercial mortgage activity are helping drive market performance, as business owners increasingly move from renting to buying their long-term premises for…
Read More