Enjoy guaranteed rent whether your property is occupied or not
PUBLISHED: 10:51 19 October 2018 | UPDATED: 11:17 08 November 2018
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Everest Estates stress-free service guarantees a fixed income for your East London or Essex property every month, even if no one is currently living there. Here they talk about the scheme and explain how it can help you dodge common letting headaches.
How does a guaranteed rental scheme work?
In effect, your agent becomes the tenant for a fixed term and guarantees rental income whether the property is occupied or not. Once the property has passed inspection, and as long as all the paperwork has been sorted, you should start receiving rent that month even if the agent hasn’t found a tenant, and it will only stop once the keys have been handed back.
Everything from council tax to utilities is covered, alongside any minor repairs.
Do I get the best price for my property?
Once you deduct the usual letting management fees from a working professional let, you might find you’re better off going with a guaranteed scheme. The net figure might be slightly lower than the market rate, but arrears won’t be an issue.
What about legal issues (eg. evictions, arrears)?
This is all included in the service - you don’t have to deal with stressful evictions or chase up unpaid rent.
Why should I go with a scheme rather than approaching the local authority directly?
Each authority manages their schemes differently, and you will have to navigate them yourself. Many local authorities also have special requirements for vulnerable tenants, which require more time and energy to manage as opposed to a more conventional working professional let.
A letting agent usually has existing relationships with multiple councils, and if you have a portfolio that’s spread out you will have one point of call.
Will I get a say in who lives in my property?
You will be told of the type of tenant moving in (housing association, local authority) for insurance purposes. Many local authorities run landlord licensing schemes, and any tenant will be within the terms set out by that.
A full inventory is carried out before the start of any term, and will be compared to the inventory at the end to make sure the property is handed back in its original state, subject to reasonable wear and tear.
Make sure your agent carries out regular checks on the property, and maintains a list of registered occupants. They should also make you aware of any repair work that needs doing, and only carry out the work with your prior permission (unless there is an emergency).
To find out more about Everest Estates, based in Goodmayes, and its guaranteed rental scheme, speak to an advisor on 020 8598 1234, email firstname.lastname@example.org or visit everestestates.co.uk.