Guaranteed rent is a method that landlords can utilize in order to get paid monthly rent even if the tenant is no longer living in the property. Landlords usually contact letting agents in order to set up this deal.
A letting agent acts as the middle person between a landlord and the tenant for rental agreements. Normally, both parties will sign a tenancy agreement and the letting agent will receive a percentage of the rent as a commission. It is up to the letting agency to find a responsible tenant to fill the vacant properties. They will act as negotiators between the tenant and the landlord and keep the landlord up to date on the status of the property.
Usually the landlord signs their property over to a letting agent and in return, the landlord will receive guaranteed rent each month. The length of the agreement is decided by the landlord and the letting agent but it is usually between 1-5 years. Once the agreement is reached, it is then up to the letting agent to rent out the property to suitable tenants. Letting agents are able to keep any profit they make off the tenant or property. The landlord will not see much of this profit but will have guaranteed payment each month which will give them peace of mind. Landlords will still need to make sure the property is up to safety codes, but the letting agent is usually the one who foots the bill on maintenance.
Exeter Letting agents are committed to helping landlords. They are able to help get landlords the two main things they need: a well-kept property and timely rent that is paid in full.
As a landlord you may have a hard time finding suitable and reliable tenants to rent your property. Even if you do find responsible tenants, you may get unexpected repair bills that eat into your monthly costs. And, as a landlord, it can be scary when there are long periods of time when you are not getting paid because of an empty property. Guaranteed rent is the best choice for peace of mind and choosing a letting agent can be the answer these problems.
Using a letting agent will ensure that the landlord will never receive harassing phone calls in the middle of the night because of a maintenance issue or have to pay any hidden fees. If the property is empty, landlords will still get paid at full market value for the property.
Call a letting agent if you have a lot of properties that are becoming harder and harder to manage or would like to get guaranteed rent each and every month.