It’s a fact: there aren’t many guarantees in life, and very seldom is anything a sure thing, especially when you’re in an unpredictable market like real estate and property management. Politics and the economy are always changing and it means house prices, rents and mortgages are subject to change all the time – no year is the same. But if you’re looking for a safe bet as a landlord, in terms of both rent every month, and tenants that you can trust, then a Guaranteed Rent scheme might be for you. Let’s dive in to how it works and how you can benefit!
We become your tenant
Guaranteed rental schemes generally mean that the landlord – that’s you – will sign over your property to a letting agent – that’s iLet – for a specified period of time, in return for a guaranteed monthly income. In effect, iLet will become your tenant – you receive money from having us look after the property – and on the plus side, we’re professional and hassle-free. Once you’ve signed the property over for the specified time period, we’ll be in charge of maintaining and looking after the property. Really, as a landlord, you get a worry free tenancy and guaranteed income.
Finding a tenant for your property isn’t an issue
With Guaranteed Rent there’s always a contracted start date with tenants, so there won’t be any waiting around while we find a tenant for you. The mortgage payments you have to cover on the property won’t be coming out of your pocket, but covered by the rent as they should be. Plus, you get paid even if the rent is late or not paid at all by the tenant (though this rarely happens). Another plus – as the ‘tenant’ sub-letting your property, we’re always paying you whatever happens.
You’re still the landlord
While iLet will be taking care of the property, it’s still up to you as landlord to make sure everything is safe and all legally sound. This means you still get to have a say in your property’s safety measures whilst letting a third party take care of the day-to-day maintenance of the property.
Is there a catch?
No catches, but this kind of convenience generally comes with a caveat or two. For Guaranteed Rent, it’s that you will be paid a percentage less than you would if this property was on the open market. However, think of this as a small drop compared to months searching for a tenant. The guaranteed income is money in your pocket, your property is taken care of, you’re still a landlord, and you’ll now be able to financially plan around your fixed income.
Enjoy hassle free tenants and contact us today
Let iLet become your tenants and help you make that step towards a guaranteed rental income today. We’re as professional and hassle-free as they come, willing to work with you every step of the way to ensure you’re getting the most out of your Northampton property.