Services for Landlords
For any new landlords it could be very easy to get confused with what service would benefit you the most as a landlord that is why I’ve decided to write this article. To hopefully shed some light on what is being offered, and what can be the most helpful to you (landlord).
So let dive into the infamous guaranteed rent services, now there are many estate agent, property managers offering this kind of service with different tweaks which differ slightly.
You could say the run of the mill service would include carrying out background checks on your prospective tenants, offering a “peace of mind professional protection insurance”. Now this particular service I personally would suggest to seek professional advice, only so you the landlord have a full understanding on what you are protected against what you are not protected. The fact that the agreed rent would be paid into your account every month whether your property is occupied or empty, I must say that this is the silver lining.
As should be a standard procedure for todays services a professional full detailed inventory including pictures should be included and there would be something very wrong if you are not obligated to allow an inspection of the property for any maintenance or health & safety issues before your property is released onto the market.
Today’s technology should allow more than just window boards and news paper advertising, So the additional services which should be included in this list is property listing on at least two websites which have email or text campaigns each quarterly.
The preparation of the tenancy agreement which protects your rights as the landlord should also be included. As well as the safe guard of the deposit payment by the tenant. (Which should be about six weeks worth of the rent, Stored in an agreed bonded customer trust account).
The arrangement of a standing order mandate for the payment of the future monthly rent to be collected then forwarded payment to the Landlord. Including the regular statements regarding financial & maintenance of the property, which should also have the accounting of the taxes which also consists of the arrears collection if any and the regular condition reports during the tenancy & any void periods of the property when the property is empty. And last but not least the remarketing of the property towards the end of tenancy term.
So here are a few of the other services you may in counter, but to be honest they will be shorter version of the Rent Guaranteed Scheme described above.
Is a service where your property is advertised, now as you may or may know that there are endless resources on the internet where you are able to post the details & photos of your property, but to be honest the agent you are with should have a list. Not to mention the trusty newspapers listings, window boards and the property boards where you should see outside any property which has been put on the market. I would strongly suggest using the Landlord Advertising for your property to have the market awareness.
As you can guess this service is very familiar to the Rent Guaranteed Scheme but instead of having everything automated, you as the landlord would be informed of anything that needs your attention, like maintenance where you are responsible to get completed. Try to see this service as the agent is just the middle man who only advises, but wouldn’t directly get involved. Where you would have to conduct the viewings of the property yourself, the agent may advise you to use a certain builder for you property maintenance but the choice would be yours.
My understanding of the landlord programs is that some Agents have grouped together a few services they offer, like a phone tariff. But to be honest I would advise to make sure these programs are right for you, why be charge for something you don’t need or not going to use. But then be careful, like a tariff if you get the cheap offer. You may get a surprise when you need another service which wasn’t included to begin with.
To be honest I believe that this service is between the both Landlord Manager & Landlord Programs. Only because there seems to be a common ground where a contract would be written as with all the services, but with Landlord Solutions you as the landlord you can pick and choose what job’s or roles you as the landlord would like to maintain. Mind you I have heard this this particular service could be expensive where the Guaranteed Rent Scheme could prove to be more beneficial.
Now I believe I would be repeating myself, but instead of being offered a Program or a Solution the services are actual individual roles where you can select, this could be a lot cheaper than the others because these are actually just the bare bones of the services. So I would only suggest these services to Landlords who have been around for a while who would know the tricks of the trade and won’t be in a position where they will be caught with their pants down (sorry for the pun).
Thank you for reading this article, I hope you have found it helpful. If you are confused or just still not sure than I would suggest seeking professional advice, this article is only to help you sort out the jargon you may have accumulated by visiting agents who offer these kinds of services.
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