Guaranteed Rent FAQ

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What are the financial benefits?

Are there any fees or commission?

There are no fees and no commission. There are no charges for setting the contract up, no tenant introduction fees, inventory fees, referencing fees, no commissions and absolutely no 'hidden extras' to pay.

Who covers the legal costs if the tenant you put in there doesn't pay?

Occasionally there is a need for court action to evict a tenant or recover unpaid rent which can be both time-consuming, extremely costly and not to mention stressful. With our Guaranteed Rent scheme, we will cover the cost of all court action and manage the process of evicting the tenant whilst you continue to receive your rental payments from us.

Will I have any void periods?

We pay even when the property is empty so there are no void periods on the property for you unless the property is rendered uninhabitable. With the average void period between tenants typically 3 weeks a year this will really help maximise your NET income. If there is a void period, we suffer the loss of potential rent.

When will you pay me my rent?

We pay your rent on the same day each month, giving you the peace of mind when working out budgets or cashflow for the payment of bills. There is no uncertainty, as we are your professional tenants. You can rest assured that you get your rent on time, every time.

How does this compare to a typical let agreement on a fully managed service?
Typical service v. Guaranteed rent
 

Typical Service

Guaranteed Rent

Agent commission

12 - 15%

no commission

Landlord set-up costs

£400 - £750

no commission

VAT paid

20%

no VAT

Void period

landlord costs

no lost rent

Rent arrears

landlord risk

no lost rent

Court costs

landlord risk

no court cost

Net Rent

CAN FLUCTUATE

RENT GUARANTEED

Are there any other benefits, asides from financially?

We deal with "our" tenants

You won’t be bothered at any time by the tenant residing in the property. No requests in the middle of the night to deal with a burst pipe or broken boiler! We’ll be their point of contact and can organise the maintenance on your behalf.

Guaranteed contract start date

We’ll agree a contract start date with you, so you will know exactly when you can expect to receive your first payment and ongoing payments. You won’t need to wait for our tenants to move in before receiving your first payment, as we, effectively, become your tenant.

Internal condition guaranteed

We effectively become your tenant, so it is vital that the tenants we select to become ‘our tenants’ treat your property with respect. We’ll undertake quarterly inspections so that the property is regularly looked at.


How does it work?

We effectively become your tenant, guaranteeing you a fixed rental income and then sub-let the property on an Assured Shorthold Tenancy (AST) basis. You will continue to receive the agreed rent regardless of whether the property is empty or the tenant stops paying rent, unless the property is rendered uninhabitable. As such, it is in our interests to find the best possible tenant.

We become your tenant

Many landlords prefer tenants who are professionals. The good news with the guaranteed rent service is that we become your professional tenants. You will only ever deal with us as the contract is between us and you (the landlord).

When does the contract start?

We will agree a fixed start date with you. No matter how long it takes us to find the right tenant, once our contract is signed and we have the keys to the property we promise to start paying you the rent on or before the agreed set date.

How long is the contract?

Depending on the office, we can offer contract periods from a minimum of 12 months. Contracts can be renewed thereafter.

Which parts of the UK do you cover?

We cover all of the major cities in the UK.

Why should I trust you?

North Property Group are one of the highest rated agents on Trustpilot and Google. You can view our TrustPilot reviews by clicking here  and our Google reviews by clicking here. We have a fantastic reputation and are revered by our network of landlords for being open, honest and trustworthy. We are also regulated by The Property Ombudsman.

How do you protect the internal condition of the property?

When we sub-let the property we take the normal deposit from the tenant, which is then registered with one of the approved deposit protection services. When the tenant checks out, the deposit is used to cover the cost of any damages which are tenanted related.

How does it compare to other types of Guaranteed Rent?

There are a number of different types of 'Guaranteed Rent' offered to landlords. We understand that it can be confusing to determine exactly how they differ. However, despite sharing the same name, the range of offerings are significantly different. It is important to understand these differences as they vary so much. There are four different models:

  1. Our Guaranteed Rent service
  2. Guaranteed Rent protection insurance – this is an insurance policy that covers your loss of rent and legal costs if your tenant stops paying the rent
  3. Agents acting on behalf of a local council
  4. Rent to rent agents or individuals
Is it for me?

Finding the right letting service for you depends on the level of responsibility, involvement and risk you are prepared to take. Our Guaranteed Rent service best suits landlords who want the financial stability of knowing what their rental income will be each month, with the benefits of the best property management available.

What do I do next?

You can click here to request an appraisal of your property. We will then contact you and let you know how the level of guaranteed rent we can offer on your property.

Request an Appraisal

See how much we could guarantee you

Click Here

Call Us On +44 (0) 1134 264 444 Or Request A Call Back

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