Guaranteed rent agreements ensure you receive fixed monthly rental income from your property, regardless of whether there are tenants in there or not. A guaranteed rent contract removes the stress of void periods, bad tenants and rent arrears. But, not all guaranteed rent agreements (or agents) are equal.
Finding the right guaranteed rent estate agent to let out your property is essential. Work with a bad agent and you’ll be constantly worrying about what state your property is in and how well it’s being looked after. So, to help you choose the right guaranteed rent estate agent, we have three useful tips.
The first step in choosing an estate agent should be checking their reputation. The agent’s track record is an excellent indicator of how they will manage your property and what they are like to work with.
Look for reviews online from other landlords who have used their services. Websites like Google Reviews will give you a pretty good idea. You should also check if the estate agent is registered with professional organisations like The Property Ombudsman or safeagent (previously known as NALS, the National Approved Letting Scheme). These regulatory bodies help ensure agents are meeting industry standards.
Once you’ve decided which agent you are going to be working with, you need to do a deep dive into the contract. Every guaranteed rent contract is different so it’s essential you carefully review the terms.
Some agents might offer higher upfront prices but this could be hiding costs or fees. On the other hand, you don’t want to go with the lowest offer if you know your property could achieve more.
Whatever the case, make sure you completely understand what you are signing up for. Especially around things like:
Being clear about these issues will help you avoid any nasty surprises.
Guaranteed rent schemes usually come with fully managed service, but the exact level can vary. A good agent should take on the responsibility of tenant sourcing, inventory, property inspections, legal responsibilities and maintenance.
Before you sign up to a guaranteed rent scheme, make sure you know exactly what the agent is responsible for and where your responsibility sits. Once you know this, you’ll have fewer day-to-day tasks to worry about.
LTA Direct offers guaranteed rent contracts across London, giving landlords complete peace of mind and hassle-free rental income. If you want to find out more about our guaranteed rent services, just get in touch.
