Any Advice? Northwood UK - GUARANTEED RENT

FreeBetKing

Hi Guys,

I am looking to rent out my property and came across a company called Northwood UK (hxxp://www.northwooduk.com) their platinum service offers a guaranteed income, regardless of there being a tenant in my property.

Has anyone had experiences with this company? Do you think they are more likeley to put ANYONE in the property so they don't lose out?

Here is an email i got back from them:

Mark,

Thanks for your enquiry. We make an offer based on the net income you would expect to achieve if you put your property with an agent on a traditional managed scheme, taking into consideration an average agents monthly commission, an average set-up fee to introduce a tenant and the average void period experienced over the year. The figure we calculate is based on averages, therefore it is possible that you could achieve a higher income but equally you could achieve less. However, on a managed scheme it is you who take the risk.

On our unique Platinum income scheme we take the risk. Not only do we guarantee your income, regardless of whether the property is let and regardless as to whether the Tenant pays the rent. There are no set up fees, commission or any other charges to pay whatsoever. We also guarantee you a contract start date and payment date. Additionally, we fully indemnify you against any legal costs should we need to evict a tenant.

Based on a market rent of £550 pcm, we would guarantee a figure of approx. £400 pcm. Obviously the market rent is subject to agreement and based on the location, size and condition of the property.

We would be pleased to undertake a no obligation free market appraisal to discuss market rent and to discuss our schemes in more detail.

Regards,

XXXXXXXXXX
For and on behalf of Northwood

Any advice welcomed!

joe90_jnr

Hi

We have a property which we found difficult to rent at the end of last year and went to Northwood. The property is fine - but it is difficult to find tenants at the moment.

Anyway we are under the that scheem and yes they have paid in full each month - it took them 3 months to find a tenant too!

Over the year the amount they pay is about £100 below what you may have thought, but solved our problem. I am not sure that we will continue it again at the end of the year, but it is an option. They will give you a set amount for the year and pay it out monthly.

Enjoy!

hearts

The rent they pay is FAR below the rent you would get on their other schemes. Because of course its guaranteed.
They are a good reputable company though. Get them in and find out what they are going to offer. If you are happy with it then go ahead.

Doozergirl

I've seent his company before on here and it just didn't stack up.

IIRC the landlord pays well over the odds whilst Northwood will put more unscrupulous tenants for a lesser rent. It was quite easy to work out the maths by their website.

It's quite simple to set a reasonable rent and get the right sort of person in, without paying someone else through the nose. Can anyone believe that people like Northwood offer this service out of the goodness of their heart and would take a loss to protect the landlord!?

FreeBetKing

Thanks for the replies, Doozer - that was my main concern. They are more likely to put ANYONE in to cover their committed rent.

Monkey1977

We rent our property thrpugh Northwood and they treat their tenants like sh*t. It took 6 months to get a washing machine fixed, which the landlady knew nothing about until she came round to do a job on the house.

I'm sure it depends whether you want decent tenants or not. We are good tenants but have had nothing but grief from Northwood and that reflects on the landlady unfortunatley. As a result if we were ever in the position to rent again we wouldn't use them. Decent letting agents should realise that to get and keep good tenants you need to treat them well.

joeblack066

Ring your local Housing dept (council) and talk to them. I did this and leased my property very quickly to a Housing Association, guaranteed rent and they take ALL the Landlord responsibilities, as they sublet. Is an ideal arrangement.