Well, there are many reasons why Guaranteed Rent is a great choice for landlords but let’s start off simple. What actually is Guaranteed Rent? Guaranteed Rent is a unique service to Northwood that dedicates itself to shifting the risk off of the landlord’s shoulders and on to ours. Essentially, it does what it says on the tin, if you sign up to our Guaranteed Rent Service then you will receive your rent every month without fail, regardless of any other factors that may get in the way of this.
As it stands Northwood is the only letting agent in the UK that offers this specific Guaranteed Rent Service. Many letting agents may offer you a service that sounds similar, but in fact doesn’t actually guarantee your rent each month. Our Guaranteed Rent Service has proved a huge success amongst our landlords, with 70% of our landlords choosing to sign up to it. I’m sure if you were to ask them, they would say it acted as the main source of peace of mind for them.
So, how does it work?
In order to start your Guaranteed Rent journey, you must hand over your property in a lettable condition. Now, what do we mean by lettable condition? Simply, your property must be ready for a tenant to move in straightaway, cleaned to the best standard, any repairs done and any and all utilities also up to standard. (If you seek further information on how best to refurbish property before handing it over to us, or any other letting agent, then feel free to check out our other blog on ‘How much you should refurbish property before letting it out.’)
Once it is in lettable condition, you then must handover two set of keys and then we can start our 25-day countdown. These 25 days give us time to advertise it properly and begin viewings for your property. In this time, it is likely that we will have found your tenant, but if for whatever reason we haven’t, your contract will start on the 26th day anyway. Fourteen, days after your contract starts you will be paid your first lot of rent, as here at Northwood Wirral we always pay the rent in the middle of the contractual month.
So, let’s break it down, how do you benefit from our Guaranteed Rent Service and why should you consider it?
Firstly, you don’t have to wait to find a tenant to be paid your rent. As it states in the name you will be paid your rent regardless. This means that if we have failed to find you a tenant within the first twenty-five days, we will still pay you your rent each month.
Secondly, not only will we guarantee your rent each month but many of the costs lie with Northwood. On a traditional rent service, all of the costs would fall to you as the landlord. Whereas, on our Guaranteed Rent Service many of the costs, such as damage repairs, are covered by us!
In addition, we will also take care of certain legal fees. For example, if there is a particular tricky tenant living in your property and you wish to evict them, you may be forced to take legal action, if this is the case the cost of this will also be covered by Northwood.
Again, without pointing out the obvious, we will pay your rent every month. If there isn’t a tenant living in your property or if your tenant refuses to pay their rent on time or at all, we will pay it!
Doesn’t that sound unbelievable? Well you can believe it alright because here at Northwood, being the Proper Property People that we are, strive to make your experience with us as stress free and positive as possible! So, what are you waiting for? Pop down to our office and let us relieve the weight off your shoulders!
Written by Lauren Jones.
