With our Guaranteed Rent service, no landlord would ever face this …

April 12, 2017

There have been a couple of media articles this month about novice landlords who have experienced a delinquent tenant creating significant damage to their property.

The first case saw a grandmother in Kent return to her BTL investment property to find that the tenant had caused over £10K of damage.

Mrs Gilbert said:

“I’ll need to put in a new bathroom and kitchen, I’ll also have to have skips and cleaners in and redecorate throughout.

“That’s without replacing all the doors, the sink and almost every socket that has been smashed to pieces.

“I’m not going to be able to let it out to new tenants for at least three months now.”

What was most up-setting was that the property had been refurbished just two years ago.

She said: “We’d put brand new carpets in, completely redecorated it, the kitchen had been re-tiled, we’d put new doors, windows and fencing in. It was spotlessly clean.”

Full/source story

The second case involved another £10,000 clean-up bill after tenants trashed a landlord’s property in South Tyneside.

Sylvia and John Purcell decided to rent out their three-bedroom house in Mortimer Road, South Shields, after moving to a new property.

But they say their investment plans turned sour when they had to take civil court action to regain possession of their house again and were left out of pocket because of rent arrears and repair bills, which they say amounted to £10,000.

They are now calling for more protection against rogue tenants for landlords.

Full/source article

This story highlights a number of important issues.

The first is tenant referencing.  It is absolutely vital to undertake a very rigorous vetting procedure for any prospective tenant, as the best way to never experience a rogue tenant is to never let to one in the first place!

Secondly, even if you do undertake robust tenant referencing, you may still experience a rogue.

Most small landlords have busy day jobs and want to rent out a property, receive the rent on time, and not experience what the two landlords above had to face – which is huge emotional pain and stress, regardless of the financial loss.

This is why, over 20 years ago, Northwood started our Guaranteed Rent service.  In effect, Northwood become your tenant and guarantee your rent, no matter if the property is void or if the tenant does not pay.

Whether we are offering Guaranteed Rent or not, we always undertake a proven tenant referencing process to ensure that our landlords have the least possible risk of letting to a rogue tenant.

When we sign our Guaranteed Rent service agreement with you, we guarantee the condition of the property up to 1.5 times your monthly rent. At the end of your agreement with us we will make good any damage, allowing for fair wear and tear, up to this amount.

We will also pay all eviction and legal costs in the unlikely event that we need to remove an unsuitable tenant from your property.

Our guaranteed rent service had proved very popular with landlords over the years, and we have independent reviews of landlords who have been in receipt of rent on time every month for over 14 years!

Call your local office for a chat and to find out more, or you can also access our useful live chat on our website for an instant response.

Find out more about the different levels of service we offer >>> here.

Northwood is one of the largest and most recognised estate agents in the U.K. and the leading supplier of Guaranteed Rent to give landlords complete peace of mind.

Find us on Twitter @northwoodUK or visit our YouTube Channel.

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