Your questions answered.
It is normal to have questions. You are embarking on a huge leap of faith by putting your investment into our hands. So, we have put together a few questions that our landlords often ask while making their decision to help you.
It is normal to have questions. You are embarking on a huge leap of faith by putting your investment into our hands. So, we have put together a few questions that our landlords often ask while making their decision to help you.
- What if the rent quoted is less than I had hoped?
A valuation on your property is essentially an opinion. Our experts monitor the market constantly and know what rent a property will likely achieve. If you've had other appraisals that have quoted a higher price, we can certainly look at it further. But, you must be aware that every property has a ceiling price that a tenant will not be likely to go over. Often, the key is not to get the highest price but to find a great tenant that will stay longer. This way, you are not having to market and find a new tenant every 6 or 12 months, which will cost you more in the long run as the property will be empty whilst you are moving a new tenant in, and you will also have fees to relet the property each time too.
- What if I can't find a suitable tenant?
There is no guarantee that you will find a tenant for your property, but we are in a strong market, and it is unlikely that your property will not have a tenant for longer than a few months. There is a shortage of rental properties in the market, which has increased rental values and demand.
- What if the tenants don't pay?
The tenants will sign a contract to agree to pay the rent. If they choose not to pay, then you do have options. The key is often communication. With a letting agent handling these things for you, there will always be an expert on hand. And the rents are collected each month so there is no chance that the arrears will be missed. Our expert team has a robust process for retrieving late rent payments. And if the rent becomes unpaid, rather than simply late, there is a process for that too. Also, if you take out rent guarantee insurance, you are covered, so there is no need to worry.
- What if they trash my house?
It is highly unlikely that the tenants will trash your house. As managing agents, we are in regular contact with your tenants throughout the tenancy and will visit regularly. If one of these visits indicates that the property is not being looked after very well, we will send a warning in writing and increase the frequency of the visits to minimise any damages. The condition of that property will be closely monitored until it is at an acceptable standard again. And if the worst should happen, there is always the deposit to fall back on in an emergency, or your landlord insurance may cover you for the cost of damages.
If you have any further questions, we are just at the end of the phone - give us a call, and we will be happy to help you however we can.