How important is it to conduct a Reference Check before hiring a candidate?

I'd rate Reference checks as highly important in the Recruitment process.
Not only does it serve to confirm the facts provided by the candidate in terms of qualifications and experience, but also it helps in determining how the candidate was perceived by his previous employer in terms of on- the-job performance.
Having said that, a reference check is one of the traditional screening processes to be followed, and should be viewed objectively,together with and in light of  performance in the other recruitment stages.

Reference checks are very important procedures in the process of Recruitment, specially for critical positions and/or Manager level and above positions.
Of course, the method of deriving information for the reference check varies from company to company.
Some use external verification agencies while some conduct the checks themselves.
The results usually determine if the candidate is suitable for hire or not.

Reference Checks are very essential to hire a Genuine Employee. From the Reference check stage itself we could able to guess the level of his Morality. 

Reference checks are good to check the authenticity of the educational and work background of the candidate

If you are hiring for someone else, I guess you want to do it to cover your behind, but otherwise I find it irrelevant.

People will choose to name those references who will vouch for them. To check with former employers can be counterproductive, as we all make friends and enemies alike, and getting in touch with either will not give you a realistic picture of the candidate.

In hiring, I always listen to my gut feeling- do I feel this person has character and do I feel he / she is selfmotivated and has the right attitude. This is something you cannot read from the CV - this is why you are the hiring manager, it should be part of your skillset.

So, to give you a one word answer - no. Reference checks are like trying to figure out if food is tasty by looking at the photo.

Reference check is important n organizations following this process either at initial stage or b4 offer job, even documents verification is also conducted by organization either self or by third parties. companies also keep this record of referees in employee personal file.

Agree with Expert Answer and many Expert they give good Answer.