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Guaranteed Rental Income Service - Anyone Used This
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# 1
sitesafe
Old 05-05-2012, 10:42 PM
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Default Guaranteed Rental Income Service - Anyone Used This

HI

Just wondered if anyone has used the guaranteed rent service through an agent either Northwood or any other.

Is there are catch?

What are the fees (or is it more cost effective to buy rent guarantee insurance instead)?

Anyone been caught out?

Anyone happy with the scheme?

Thank you
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# 2
G_M
Old 05-05-2012, 11:00 PM
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Default

I've never used these but believe:

* you'll get way below market rent, in return for the 'guarantee'
* you'll lose all control over which tenants are accepted, and even which type of tenant - the agency will just want a tenant in there
* you'll have little control over property maintenance, or protection against damage - again, the agency just wants a tenant in paying rent. ANY tenant
* if your mortage lender or insurer has stipulations as to tenant catagories, you may have conflict (see above)
* But, yes, every month, you will (should) receive the agreed amount - no voids

I guess it suits some people, but not me.
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# 3
sitesafe
Old 05-05-2012, 11:26 PM
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Quote:
Originally Posted by G_M View Post
I've never used these but believe:

* you'll get way below market rent, in return for the 'guarantee'
* you'll lose all control over which tenants are accepted, and even which type of tenant - the agency will just want a tenant in there
* you'll have little control over property maintenance, or protection against damage - again, the agency just wants a tenant in paying rent. ANY tenant
* if your mortage lender or insurer has stipulations as to tenant catagories, you may have conflict (see above)
* But, yes, every month, you will (should) receive the agreed amount - no voids

I guess it suits some people, but not me.
Thank you GM. It kind of read too good to be true on the website. I suppose one is paying the price for not having to deal with the hassle. Don't the agents only accept people that have been checked out as tenants or are they willing to accept anyone and the checks are just if the landlord wants them?
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# 4
G_M
Old 06-05-2012, 9:34 PM
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Quote:
Originally Posted by sitesafe View Post
. Don't the agents only accept people that have been checked out as tenants or are they willing to accept anyone and the checks are just if the landlord wants them?
By signing up to the guarantee scheme, you are effectively saying:

"OK, you guys pay me X per month, every month, tenant or no tenant - now here's my property"

They will clearly want to make a profit so
a) they'll want tenants in there every month if possible and
b) they'll want the rent to be X + Y

Tenant referencing? Maybe, but if their choice is to install an unvetted tenant, or a poor risk tenant, Vs leaving it empty, what do you think they'll do?
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theartfullodger
Old 06-05-2012, 10:14 PM
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Judging by how much North wood's franchises claim to make there must be a HUGE profit margin in there somewhere...
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