Less than a third of letting agents confident onboarding process protects against tenant fraud – Propoly
54% of agents said they have concerns about tenant fraud.
Propoly has found that less than a third of UK letting agents are fully confident their tenant onboarding process protects against tenancy fraud.
Only 31% of agents said they complete onboarding in three days or less, while 29% said it takes one to two weeks and 31% said it takes between four and seven days.
For 6%, the process takes longer than a fortnight.
Referencing was highlighted as the main cause of delay, with 43% of agents saying it is the most challenging part of onboarding.
54% of agents said they have concerns about tenant fraud.
Nearly a third (29%) said preventing fraud and verifying information is their biggest challenge, with the same proportion citing the difficulty of chasing tenants for documents.
Sim Sekhon, group CEO at Propoly, said: “Tenant onboarding has become a difficult balancing act for letting agents.
“They need to move quickly, because delays can frustrate landlords, tenants and agents alike, but they also need to be confident that the person they are onboarding is who they say they are and that the information they’ve provided can be trusted.
“The answer isn’t to choose between speed and security. Agents need a process that delivers both.”
Sekhon added: “If referencing, identity checks, fraud prevention and document collection are fragmented across different systems and rely heavily on chasing tenants, it’s inevitable that the process becomes slower and more difficult to manage.
“Technology has a significant role to play here. At Propoly, we’ve built our onboarding process around making these essential checks faster and simpler, without compromising on the safeguards agents need.
“Fast AI anti-fraud and ID checks, combined with referencing, can give agents greater confidence while helping them get tenants through the process more efficiently.”
He said: “For agents, a good onboarding experience should ultimately mean less administration, fewer delays and greater certainty that the tenancy is progressing with the right tenant.
“That’s what we are focused on delivering.”
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