It is understandable most landlords are looking for assistance in letting their property. Even if you want to be hands-on in some parts of the process, some tasks are best left to the experts. Given the importance of finding the best tenant for your rental property, landlords need to vet tenants.
If you aren’t comfortable doing this work or you would rather have help from an expert, a tenant find service is of benefit. A tenant-find service is often the most basic service offered by letting agents or property management services, but it is of considerable benefit.
Some of the critical features typically included in a tenant find service includes:
• The marketing of the property
• Tenant referencing
• Tenancy agreements and renewals
• The management of holding and security deposits
Some services also include aspects such as the management of Energy Performance Certificates, arranging for a Gas Safety Certificate and undertaking an annual rent assessment review.
Landlords need help managing rental property and tenants
These are all critical services for landlords, and some professionals need help in undertaking these services. Finding a tenant is crucial, but you should focus on finding the right tenant. The importance of tenant referencing cannot be overlooked. The work undertaken by an agent in referencing tenants, and making sure the right candidate is selected makes a massive difference when letting property. There is no denying the importance of bringing in regular rental income, which is why most landlords are interested in a guaranteed rent system. A guaranteed rent service is often bundled alongside a tenant find service, and it is of interest to many landlords.
How Guaranteed Rent works
As the name suggests, a guaranteed rent service provides landlords with confidence about receiving rental income all year round. The agent offers this guarantee, not the tenant, and even if the rental property is empty or the tenant hasn’t paid, the landlord receives the expected rental income. If you depend on rental income to make monthly buy to let mortgage payments, or you need to be confident about your rental income, signing up for a guaranteed rent service is of benefit to most landlords.
The guaranteed rental fee is typically based on the market rent of the property, and will generally include payment or commission for the landlord.
You often find that when a letting agent offers a guaranteed rent service, they usually take care of the tenant referencing process for you. This is of benefit because the agent is motivated to ensure the best calibre of tenant is in place at the property. Even though the agent guarantees the rental payment, they would prefer the tenant to pay it, so there is motivation for the agent to find a suitable candidate.
The guaranteed rental fee is typically based on the market rent of the property, and will generally include payment or commission for the landlord. However, this is an outcome that most landlords are happy with as it offers them complete confidence about rental income each month of the year.
If you need assistance managing your property or tenants, please contact Nationwide Accommodation Services Ltd, and we’ll be happy to help.
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