Did you know that there are over 1.75 million landlords in the UK alone, servicing a demand of over 4.3 million household’s worth of tenants? The figures are pretty staggering and, despite recent changes in legislation, with property prices rising it’s still a good time to have an investment property and be a landlord. But the downside of being a landlord is that unless there is someone in your property, you aren’t earning money, you’re losing it. And even with that 4.3 million tenant figure, there is still a chance that your property might be empty; even just a short gap between tenancies can reduce your income considerably. And tenants sometimes fall on hard times and struggle to pay. So how, as a landlord, can you protect yourself against loss of earnings? Read on, as I think we have the answer.
What is Guaranteed Rent?
In the usual arrangement, an estate agent would be responsible for finding you new tenants as quickly as possible and moving them in; that’s it. This means that most estate agents don’t have a huge incentive to find good tenants or get your property occupied as quickly as possible to help you start making money again. But at Northwood, we believe in consistency and protecting your livelihood, and that means ensuring you will always be generating a return from your property. That’s why we created the ‘guaranteed rent’ service for our landlords. Guaranteed rent essentially means that Northwood becomes your ‘tenant’, providing you with a fixed monthly income if the tenants can’t pay and even if your property is empty. Northwood will then effectively sub-let the property, manage finding tenants and make rental payments to you, regardless of whether there is a tenant in the property at the time. This means that you can relax and get on with your busy life.
What’s Included in Our Guaranteed Rent Service?
Our guaranteed rent service is one of the most popular options for landlords for a number of reasons, but mostly because it is a simple, easy way to ensure you get rent every month, guaranteed. But it’s even better than that, because our guaranteed rent service includes a lot of extra benefits, all designed to give you peace of mind. For example, you will get:
- A guaranteed annual rental income on time, every month
- Guaranteed payments even if the property is empty
- Rent paid on time even if the sub-tenant’s rent is late or isn’t paid at all
- No set up fees, monthly commissions or hidden extras
- We deal with all the tenant’s queries, questions and complaints
- A guaranteed contract start date – no worrying about how long it will take to find a tenant
- If ever needed, we cover the court costs & the eviction process
- Regular property inspections and maintenance management
- Inventory provided free of charge
- Internal condition guaranteed over and above fair wear and tear, up to one and half months’ rent
So now, instead of watching your bank balance go down when your property is empty, or scrambling around to try and find a tenant for your property, you can sit back, relax and carry on as normal knowing that Northwood is paying your rent every month. With over 85 branches across the UK, over 20,000 landlords are already enjoying the security of Northwood’s guaranteed rent service. If you would like to find out more about how guaranteed rent could benefit you, or to enquire about getting started, get in touch with us today for your free market appraisal!
