How does guaranteed rental income work?
We understand letting a property is an unpredictable and demanding process. There are many uncertainties that can radically affect your actual rental income so you might end up with much less than you envisaged.
This is a common shock, particularly for new landlords, who imagine that at the end of the year, they’ll have 12 times the monthly rental in their pockets. Sadly, this is rarely the case. That is why we have developed our Guaranteed Rent scheme. On this page, we will explain the benefits and how it works.
We essentially become your tenant
Many landlords prefer tenants who are professionals.
The good news with the guaranteed rent service is that we become your professional tenants.
You will only ever deal with us as the contract is between us and you (the landlord).
A fixed start date
Once the contract is signed and we take the keys for the property we promise to start paying you the rent on or before a set date. Regardless if we have a tenant or not.
So what's the catch? There isn't one!
Many people ask us how we make our money, particularly when we charge no set up fees or commission.
You might think that such a service would result in you receiving just a fraction of the rent you could receive if you decided to go it alone, but this is far from true when you use a quality letting agent (there are certainly horror stories out there of when similar guarantees were made by lesser letting agents).
As we are experts in the rental market, we are very confident that the annual rental income you actually bank is more than you’d get if you decided to go it alone or use a traditional service.
None of the usual hassle
Empty properties are a landlord's worst nightmare. If you're not working with a quality letting agent who provides a guaranteed rent service, not only will you not receive rent, but you've now got the hassle of having to find new tenants.
With guaranteed rent services, your letting agent will do this for you using in-house tenant referencing.
As the letting agent is now responsible for collecting the rent from the tenant, you can rest assured that only the best calibre of creditworthy tenants will be placed on your property.
Along with this peace of mind comes protection from any legal costs which may arise; gas and electrical maintenance, fire and safety regulations, energy performance certificates - all of these must be taken care of before a new tenant moves in. Damage costs are covered too, for an amount equal to six weeks' rent.