Are you a property owner facing the myriad challenges of managing your rental properties? From tenant searches to handling unexpected repairs, it can be a demanding and stress-inducing endeavor. Unpredictable situations like non-payment by tenants or abrupt vacancies can also leave you in a financial bind.
One effective solution to mitigate these challenges is opting for guaranteed rent. Guaranteed rent companies offer landlords a fixed monthly income, regardless of the property’s occupancy status.
If you’re contemplating whether a guaranteed rent program suits your needs, read on. In this comprehensive guide, we’ll delve into the primary benefits and assess the worthiness of guaranteed rent.
Steady Monthly Income
Similar to rent guarantee insurance, the foremost advantage of guaranteed rent lies in its reliability and financial stability. With a guaranteed rent scheme, you can accurately forecast your monthly rental income for the foreseeable future. This predictability simplifies budgeting, especially if your financial obligations hinge on rental income, such as mortgage payments.
At AV Stays Property Management, our guaranteed rent contracts span from 3 to 5 years, offering you peace of mind throughout the entire agreement, even during periods of property vacancy.
Elimination of Tenant Search
Being a landlord often entails the arduous task of finding trustworthy tenants, particularly when managing multiple properties. This process includes numerous steps, such as:
– Advertising the property
– Reviewing and sifting through tenant applications
– Conducting property viewings
– Validating applicants’ eligibility to rent
– Assessing their income, creditworthiness, and references
With a rent guarantee scheme, the burden of seeking reliable tenants is lifted from your shoulders. The property management company assumes full responsibility for these tasks, as they are obligated to provide consistent rental income, even during periods of property non-occupancy. Hence, they are fully vested in securing suitable tenants.
Maintenance and Repairs Are Covered
Property owners are responsible for addressing maintenance issues when tenants occupy their properties. In addition to obligations outlined in the tenancy agreement, you are legally required to rectify:
– Structural and exterior property elements (e.g., roof, walls, guttering)
– Plumbing, toilets, sinks, baths, and associated fixtures
– Gas appliances and fittings
– Heating systems, hot water supply, and electrical wiring
– Significant dampness or mold issues, infestations, and extreme temperature concerns
Guaranteed rent schemes transfer the responsibility for addressing these issues to the property management company, alleviating you of this obligation and potential costs in the long run.
Timely Rental Payments
Late rent payments pose a common challenge for landlords. The process of chasing tenants for overdue rent can be time-consuming, frustrating, and financially burdensome if your financial commitments depend on rental income.
Furthermore, persistent rental payment issues may necessitate eviction proceedings, which can be a protracted and stressful endeavor, sometimes escalating to legal action.
Rent guarantees provide peace of mind, eliminating concerns about late payments and the need to manage eviction procedures. With guaranteed rent, you receive rent payments punctually each month, in full, even if tenants fail to remit their payments.
Freedom from Being On Call
While renting out a second property offers an additional income source, being a private landlord can be inconvenient. You must remain available at all times in case tenants require assistance with emergencies, such as water leaks, fires, break-ins, or electrical problems.
For those seeking freedom from the round-the-clock commitment, guaranteed rent offers a solution. You can confidently entrust the property management company to address all issues on your behalf. Even during emergencies that render the property uninhabitable, you continue to receive payments.
Is Guaranteed Rent Worth It?
In summary, there are numerous compelling reasons to consider engaging a guaranteed rent property management company. It represents an ideal choice for landlords in pursuit of stability, flexibility, and peace of mind.
It’s worth noting that having your rent guaranteed may result in slightly lower income compared to privately renting the property. This is because the property management company deducts a modest fee for their services.
However, for many landlords, the benefits of guaranteed rent far outweigh the costs. You can enjoy the assurance of a consistent income stream, even during property vacancies. Moreover, you are relieved of tenant management, maintenance responsibilities, and emergency situations.
Embark on Your Guaranteed Rent Journey with AV Stays
If you are a landlord seeking a hassle-free approach to managing your rental properties, AV Stays Property Management can provide assistance. We are a family-run business based in Cheshire, specializing in high-quality self-catered accommodation. Our expertise extends to offering guaranteed rent solutions for landlords, available through contracts spanning 3 to 5 years.
We take pride in delivering exceptional customer service to both landlords and tenants. Our comprehensive property management encompasses everything from property marketing to tenant interactions. Furthermore, we oversee professional cleaning and maintenance, and we cover expenses related to typical wear and tear.
To explore the potential of your property and learn more about our services, please reach out to AV Stays today. You can complete our inquiry form, give us a call, or contact us via text or email. We are readily available to address your inquiries and provide an initial estimate
