How it works
WE ARE YOUR TENANTS
We rent the property from you from three to five years or more and effectively become your tenants. If needed, we bring the property up to the requirements of our customers. We then rent the rooms on individual AST’s and take care of everything. As we are your tenants you will only ever have to deal with us. When renting a property there are of course lots of variables to consider – as you can see from the table below. Too many hidden costs eat away at your monthly profit. At the end of the day you ask yourself ‘why you are doing it? We start paying you your guaranteed rent as soon as the property is ready to let. This could be from the day we sign the contract or as soon as any refurb is carried out depending on what work is required.
RESPONSIBILITY FOR TENANTS
We have operated both as landlord and agents for a long time and therefore really understand the importance of selecting only the best-quality tenants for the property. All of our tenants are professionals who are thoroughly vetted prior to moving in. After all, from day one we take responsibility for any lost rent, potential damage or misbehaviour. We also deal with calls, emergencies and in fact all tenant issues. You will also never again have to worry about voids – a recent survey by Spare Room showed that most properties have a void period of at least six weeks per year so this is a significant factor.
We will take care of any legal obligations and can help you to comply with all current relevant legislation, ensuring everything is current and up to date. This includes PAT certification, furniture/fire regulations and smoke/carbon monoxide detectors.
As the owner of the property you are responsible for building insurance which usually includes an amount of contents insurance. A residential insurance will not be adequate and you will need either a buy-to-let policy or a specialist HMO policy. We have public liability insurance. We advise our customers to obtain their own contents insurance.
We will pay a one-month advance deposit to you and also take a deposit from all our customers which are then secured in a Government-backed deposit protection scheme. We use DPS – Deposit Protection Service. This money would be used for repairs if the tenant caused any damages to the property.
We will organise a Gas Safe inspection on your behalf and be at the property to meet the engineer. This test is a legal requirement to ensure that all gas appliances in a property are safe. It must be renewed annually and there are serious penalties for not having a valid certificate. We keep a copy of the certificate and send the original to you.
Before we take control of your property we require 2 x proof of ID and proof of ownership of the property.
Before we take over the property you may decide to obtain an inventory from an independent company. Or if you prefer we can arrange this for you.
We carry out regular inspections and deal with any issues as they arise. We have good relationships with our customers and quickly deal with any issues they may have.
We will take care of the management of all maintenance jobs, large or small, on your behalf. We will obtain your permission before any major work is carried out and keeping in contact throughout the process. You will receive full invoices for your tax records. Alternatively you can use your own tradesmen if you prefer.
We understand the importance of customer service and want you to be completely satisfied at all times. If you are not happy with any aspect of our service we will deal with your complaint in an efficient and professional manner.
Should you decide for any reason to terminate the agreement between us, we require a minimum of six months notice. This is because we may have just signed a tenant in on a six-month AST, and we want to ensure that we can return the property to you in vacant possession.
If there is ever a time when we have to remove a tenant via the court process (it has never happened to us yet) we will take care of the whole procedure and update you if so requested. This would not affect your monthly payments
TOO GOOD TO BE TRUE?
Some landlords have initially said no to us because they can’t see where we would make our money, and experience has taught them how tough this industry can be. So how do we do it? As you can see from the table below, the monthly rent we pay you may be slightly lower than high-street agents, however the benefits and guarantees we offer more than compensate so that your income actually increases. We become completely responsible for the management of your property and the various risks involved, while you receive guaranteed rental payments for the duration of our contract. Our profit is the difference. Simple.