As a landlord, you may face many challenges when it comes to managing your rental properties. From finding reliable tenants to carrying out emergency repairs, it can be a time-consuming and stressful business. And if your tenants don’t pay, or move at short notice, you may be out of pocket.
One option that can help alleviate some of these challenges is guaranteed rent. Guaranteed rent companies provide landlords with a fixed monthly income, regardless of whether the property is occupied.
If you’re wondering whether a guarantee rent scheme is right for you, read on. In this guide, we’ll explore some of its main advantages and discuss whether guaranteed rent is worth it.
Similarly to rent guarantee insurance, the most significant advantage of guaranteed rent is the reliability and financial stability it provides. With a guaranteed rent scheme, you know exactly how much rent you’ll receive each month for the foreseeable future. This makes budgeting much easier, especially if you rely on rental income to cover mortgage payments.
At 53 Degrees Property, our rent guarantees range from 3-5 years. You’ll have peace of mind for the entire duration of the contract, even when the property is empty.
Late rent payments are a common problem for landlords. Chasing tenants for rent takes time and effort, and can be extremely frustrating to deal with. It can also put you in financial difficulties if you’re relying on rent to pay your bills or mortgage.
And if your tenants continually miss their rent, you’ll have to go through the hassle of evicting them. This can be a long, stressful process, in some cases requiring escalation to the High Court.
Rent guarantees mean you never have to worry about late payments or handle evictions. You’ll receive rent every month, on time and in full, even if the tenants don’t pay.
Reliable Monthly Income
Similarly to rent guarantee insurance, the most significant advantage of guaranteed rent is the reliability and financial stability it provides. With a guaranteed rent scheme, you know exactly how much rent you’ll receive each month for the foreseeable future. This makes budgeting much easier, especially if you rely on rental income to cover mortgage payments.
At 53 Degrees Property, our rent guarantees range from 3-5 years. You’ll have peace of mind for the entire duration of the contract, even when the property is empty.
No Tenant Search
One of the hassles that come with being a landlord is the effort it takes to find reliable tenants. This is especially true if you have multiple properties to manage. There’s a lot that goes into it, such as:- Advertising the property
- Reading and sorting through applications
- Conducting viewings
- Verifying an applicant’s right to rent
- Checking their income, credit and references
No Maintenance or Repairs
When you have tenants occupying your property, you are responsible for any maintenance issues that arise. As well as anything laid out in the tenancy agreement, you’re legally required to fix:- The property’s structure and exterior (e.g. the roof, walls and guttering)
- Toilets, sinks, baths and plumbing
- Gas appliances and fittings
- Heating, hot water and electrical wiring
- Issues with severe damp or mould, infestations and extreme temperatures
No Late Rent Payments
Late rent payments are a common problem for landlords. Chasing tenants for rent takes time and effort, and can be extremely frustrating to deal with. It can also put you in financial difficulties if you’re relying on rent to pay your bills or mortgage.
And if your tenants continually miss their rent, you’ll have to go through the hassle of evicting them. This can be a long, stressful process, in some cases requiring escalation to the High Court.
Rent guarantees mean you never have to worry about late payments or handle evictions. You’ll receive rent every month, on time and in full, even if the tenants don’t pay.
No Need to Be ‘On Call’
Though letting a second home provides a great source of extra income, being a private landlord can be inconvenient. You’ll need to be available at all times in case the occupants need to contact you. Serious issues such as water leaks, fire, break-ins and electrical issues must be dealt with as soon as possible. If you wish to travel or enjoy life without being on call 24/7, guaranteed rent is the perfect solution. You can rest assured that the property management company will handle all problems on your behalf. And even if an emergency renders the property uninhabitable, you’ll still receive payments while it’s empty.Is Guaranteed Rent Worth It?
Overall, there are many great reasons to consider using a guaranteed rent property management company. It’s the ideal option for landlords who want stability, flexibility and peace of mind. It’s worth mentioning that having your rent guaranteed may not be as lucrative as letting a property privately. This is because the company takes a small cut of the rental income for providing their service. However, for many landlords, guaranteed rent is well worth the cost. You can relax in the knowledge that you’ll receive a steady income stream, even during void periods. And you’ll never have to worry about handling tenants, maintenance or emergencies.Start Your Guaranteed Rent Application with 53 Degrees Property
If you’re a landlord looking for a stress-free way to manage your rental properties, 53 Degrees Property can help. We are a Cheshire based, family-run business offering high-quality self-catered accommodation. We specialise in guaranteed rent for landlords, available in 3-5 year contracts. We pride ourselves on offering first class customer service to both landlords and tenants. We’ll handle every aspect of managing your rental so you don’t have to. We’ll even carry out any necessary renovations before putting it on the market. Contact 53 Degrees Property today and find out how much your property could be worth. Fill out our enquiry form, call us or drop us a text or email and we’ll be in touch as soon as possible!Get a FREE Guaranteed Rent Valution
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