For today’s blog, we are presenting a case study of a novice landlord and why they chose our market-leading Guaranteed Rent service.
We spoke to Carol Murphy about her first BTL property.
1. How did you become involved in Buy to Let?
I inherited my childhood home when my dad died. It is a 3 bed semi in Preston. Rather than sell it, I decided to refurbish it and rent it out. I already knew the location well and knew it would be a popular place for tenants.
2. How did you end up choosing Northwood as your agent?
I did a lot of research into local agents, and I asked questions on Property Tribes landlord forum.
I was recommended to Northwood on Property Tribes, and I asked Northwood’s Preston office to provide me with information about their Guaranteed Rent scheme.
It was competitive with other agents, and I had heard good things about them, so I decided to go with them.
3. How would you describe the process of letting through Northwood?
The process was very simple and worry free. Northwood gave me all the information I needed about being a landlord – what my obligations were etc, and gave me peace of mind regarding ensuring all the legal aspects were covered.
4. How does the Guaranteed Rent scheme stack up for you in terms of the rental income you receive?
In terms of numbers, the monthly rent was slightly reduced from what it would have been on a normal service, but I felt it was worth it from the point of view that it could have taken a while to find a tenant.
As it turned out, it didn’t, but also I don’t have any worries about voids etc.
I needed the ‘low risk’ aspect of Guaranteed Rent, having invested a lot of capital – in cash – in doing up the house.
5. How have you found the Guaranteed Rent service and who do you think it is most suited to?
I’ve found the Guaranteed Rent service very good, and I think it’s best suited to people who want a ‘hands off’ approach to renting.
I live 300 miles from my rental property, so when problems occur, it’s good to know the agent will help deal with it.
6. What tips and advice would you give to other landlords starting out?
Novice landlords should do as much research as possible before getting into property renting, and ask questions of experienced landlords.
No matter how much you read, or how much training you do, there’s nothing better than advice from people who are already doing it themselves.
7. How important do you think a reputable agent like Northwood is to a newbie landlord?
I think an agent like Northwood is the difference between having a good or very bad experience with renting.
If you get a bad agent (and I do know a fair amount about this, as my daughter used to work for one), you can fall through all kinds of legal cracks, particularly if you’re new to it all, and you can end up liable for things you might not have known about.
Also, poor agents don’t always find you the right kind of tenants.
Northwood’s screening process was the thing that sold them to me.
They assured me from the start that they only choose the best tenants – as on the GR scheme, Northwood themselves are MY tenants, it would only work for them if they get reliable tenants in who won’t default on their rent payments etc.
I’m looking forward to many years of renting with Northwood. They have found me good tenants, who appear to be happy in the house and taking good care of it.
Thank you very much to Carol for taking part in our case study.
Carol has kindly recommended our Guaranteed Rent service to other landlords, and it is unsurprising to know that a significant number of enquiries are generated by landlord word of mouth which has contributed to over 13,000 landlords currently choosing our Guaranteed Rent service.
Of course, whilst Northwood is best known for our market-leading Guaranteed Rent service, it is worth a reminder that we have a number of different service level options to suit all landlord situations and level of involvement:
> Tenant Find only
> Rent Collection
> Fully Managed
> Guaranteed Rent
Each of our offices around the U.K. – over 85 of them – will be happy to sit down with any landlord and talk through the service options and find the right one that suits your circumstances.
Find your nearest Northwood office >>> 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.
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