Rent Guarantee Advice Needed

Noodles_33

I’m about to take out a rent guarantee with Alan Boswell. The is a criteria that the tenants have to meet in the case of a claim. The letting agent has confirmed the tenants meet the criteria, however they will not let me see any proof saying that it goes against general data protection regulation. Has anyone ever asked to see proof? In the event of a claim will the letting agent even be able to provide these documents to the insurer? 

user1977

Are you saying that your agent isn't letting you see the data they hold (on your behalf) about your tenants? 

anselld

Sounds like you need a new agent more than a rent guarantee.

Noodles_33

user1977 said:

Are you saying that your agent isn't letting you see the data they hold (on your behalf) about your tenants? 

Yeah the said all they can do is write a letter stating they have carried out all the checks, which the insurer is never going to accept. Should I insist on seeing the documents? I am new to the world of renting and want to make sure I do everything best to protect myself. 

housebuyer143

The agent is an intermediatery. They are your tenants and you have the right to view the references that they have completed. If they must, they can call the tenant and tell them that you want a copy in order to proceed and that should resolve any gdpr issue they think there is. Failing that, take your property elsewhere. 

You are correct that you won't be able to claim rent guarantee on a letter. 

I used to work in a letting agent and we always sent a copy of the reference document to the landlord on request. 

Mr.Generous

Sounds like the tail wagging the dog. I appoint an agent to help find tenants. We (wife and I) make the choice. We do this by meeting all prospects at viewings, then from those who wish to proceed we tell agent who to progress with. The tenant checks come back with an interim report really fast - 1 or 2 working days, then a full report with references after about a week or so. Both of these are emailed to us. We do a few checks of our own - simply looking at social media and google maps to look at previous addresses. The agent fee's we pay are used to pay for the reports, so why wouldn't the reports we pay for, for our tenant, who is going to live in our property be seen by us?

Your agent is taking advantage of your inexperience to try and maintain a large degree of control. How mant extras have they convinced you to pay them for, and what are management charges like (if used)?

Be very selective when picking a tenant. DO NOT LET THE AGENT PICK SOMEONE.

Remember the agent would love a tenant who stayed 6 months and then moved on, thus earning them another fee. Think long term, you want a tenant who stays 2-3 years to reduce the impact of the agents fee's and reduce the administrative burden of changing gas, electris, water and council tax back to your name, then onto new tenant when the property changes tenant.

Think who is likely to meet YOUR criterea.

1. pay the rent

2. look after the property

3. cause no hassle with neighbors

4. get on with you (or agent if you wish)

So basically no idiots, chavs or pit bull breaders.

housebuyer143

Mr.Generous said:

Sounds like the tail wagging the dog. I appoint an agent to help find tenants. We (wife and I) make the choice. We do this by meeting all prospects at viewings, then from those who wish to proceed we tell agent who to progress with. The tenant checks come back with an interim report really fast - 1 or 2 working days, then a full report with references after about a week or so. Both of these are emailed to us. We do a few checks of our own - simply looking at social media and google maps to look at previous addresses. The agent fee's we pay are used to pay for the reports, so why wouldn't the reports we pay for, for our tenant, who is going to live in our property be seen by us?

Your agent is taking advantage of your inexperience to try and maintain a large degree of control. How mant extras have they convinced you to pay them for, and what are management charges like (if used)?

Be very selective when picking a tenant. DO NOT LET THE AGENT PICK SOMEONE.

Remember the agent would love a tenant who stayed 6 months and then moved on, thus earning them another fee. Think long term, you want a tenant who stays 2-3 years to reduce the impact of the agents fee's and reduce the administrative burden of changing gas, electris, water and council tax back to your name, then onto new tenant when the property changes tenant.

Think who is likely to meet YOUR criterea.

1. pay the rent

2. look after the property

3. cause no hassle with neighbors

4. get on with you (or agent if you wish)

So basically no idiots, chavs or pit bull breaders.

100% right on "do not let the agent pick your tenant". The letting agent were I was, I worked in the back office and so we dealt with all the crap that came with moving bad tenants in. The branches, worked on commission and so got in whoever they could as fast as possible and then washed their hands of it. I saw all sorts but mostly they were convincing landlords to take tenants with failed references., not caring at all what will happen further down the line.

If you must go with an agent, go with a small one because it's in their interest to put a better tenant in.

Noodles_33

Mr.Generous said:

Sounds like the tail wagging the dog. I appoint an agent to help find tenants. We (wife and I) make the choice. We do this by meeting all prospects at viewings, then from those who wish to proceed we tell agent who to progress with. The tenant checks come back with an interim report really fast - 1 or 2 working days, then a full report with references after about a week or so. Both of these are emailed to us. We do a few checks of our own - simply looking at social media and google maps to look at previous addresses. The agent fee's we pay are used to pay for the reports, so why wouldn't the reports we pay for, for our tenant, who is going to live in our property be seen by us?

Your agent is taking advantage of your inexperience to try and maintain a large degree of control. How mant extras have they convinced you to pay them for, and what are management charges like (if used)?

Be very selective when picking a tenant. DO NOT LET THE AGENT PICK SOMEONE.

Remember the agent would love a tenant who stayed 6 months and then moved on, thus earning them another fee. Think long term, you want a tenant who stays 2-3 years to reduce the impact of the agents fee's and reduce the administrative burden of changing gas, electris, water and council tax back to your name, then onto new tenant when the property changes tenant.

Think who is likely to meet YOUR criterea.

1. pay the rent

2. look after the property

3. cause no hassle with neighbors

4. get on with you (or agent if you wish)

So basically no idiots, chavs or pit bull breaders.

Thank you for your advice, it’s very helpful. I will put my foot down on Tuesday and insist the tenant's can’t move into the property until I’ve seen the appropriate documents. If they refuse I will go with another agent. 

I’m paying them 10% to manage the property. The only upfront fees they are charging is for a new tenant set up and inventory report. This makes me question why they haven’t charged me for the credit check, unless this is included in the new tenant fee. The tenants are coming from a different property on their books, I have a feeling they may have not done a fresh check, hence their refusal. I will definitely get to the bottom of this next week. 

Noodles_33

housebuyer143 said:

Mr.Generous said:

Sounds like the tail wagging the dog. I appoint an agent to help find tenants. We (wife and I) make the choice. We do this by meeting all prospects at viewings, then from those who wish to proceed we tell agent who to progress with. The tenant checks come back with an interim report really fast - 1 or 2 working days, then a full report with references after about a week or so. Both of these are emailed to us. We do a few checks of our own - simply looking at social media and google maps to look at previous addresses. The agent fee's we pay are used to pay for the reports, so why wouldn't the reports we pay for, for our tenant, who is going to live in our property be seen by us?

Your agent is taking advantage of your inexperience to try and maintain a large degree of control. How mant extras have they convinced you to pay them for, and what are management charges like (if used)?

Be very selective when picking a tenant. DO NOT LET THE AGENT PICK SOMEONE.

Remember the agent would love a tenant who stayed 6 months and then moved on, thus earning them another fee. Think long term, you want a tenant who stays 2-3 years to reduce the impact of the agents fee's and reduce the administrative burden of changing gas, electris, water and council tax back to your name, then onto new tenant when the property changes tenant.

Think who is likely to meet YOUR criterea.

1. pay the rent

2. look after the property

3. cause no hassle with neighbors

4. get on with you (or agent if you wish)

So basically no idiots, chavs or pit bull breaders.

100% right on "do not let the agent pick your tenant". The letting agent were I was, I worked in the back office and so we dealt with all the crap that came with moving bad tenants in. The branches, worked on commission and so got in whoever they could as fast as possible and then washed their hands of it. I saw all sorts but mostly they were convincing landlords to take tenants with failed references., not caring at all what will happen further down the line.

If you must go with an agent, go with a small one because it's in their interest to put a better tenant in.

Thanks for all your help! 

Mr.Generous

Noodles_33 said:

Mr.Generous said:

Sounds like the tail wagging the dog. I appoint an agent to help find tenants. We (wife and I) make the choice. We do this by meeting all prospects at viewings, then from those who wish to proceed we tell agent who to progress with. The tenant checks come back with an interim report really fast - 1 or 2 working days, then a full report with references after about a week or so. Both of these are emailed to us. We do a few checks of our own - simply looking at social media and google maps to look at previous addresses. The agent fee's we pay are used to pay for the reports, so why wouldn't the reports we pay for, for our tenant, who is going to live in our property be seen by us?

Your agent is taking advantage of your inexperience to try and maintain a large degree of control. How mant extras have they convinced you to pay them for, and what are management charges like (if used)?

Be very selective when picking a tenant. DO NOT LET THE AGENT PICK SOMEONE.

Remember the agent would love a tenant who stayed 6 months and then moved on, thus earning them another fee. Think long term, you want a tenant who stays 2-3 years to reduce the impact of the agents fee's and reduce the administrative burden of changing gas, electris, water and council tax back to your name, then onto new tenant when the property changes tenant.

Think who is likely to meet YOUR criterea.

1. pay the rent

2. look after the property

3. cause no hassle with neighbors

4. get on with you (or agent if you wish)

So basically no idiots, chavs or pit bull breaders.

I’m paying them 10% to manage the property.

Hi, just to make it clear to you what your 10% of rent gets you. They will answer the phone and listen to tenant, they say "OK, we'll get in touch with landlord and see" and then ring you, or email you, maybe a day or two later.

Any repairs or work whatsoever and they will charge you - the going rate plus a fee for arranging it.

If they ask to withold some rent for emergency repairs then the cost will always be at the very top of the scale if they call someone in "an emergency".

Managing the property is what you do after they call you. All decisions are yours. legally you are responsible to make sure the property is safe including gas and electricity checks.

For landlord insurance I always look at compare landlord insurance and Simply Business, both competative quotes. Most policies require the property to be tenanted at commencement so arrange cover for tenant move in day.

BTW as tenant has been with agent before ask for a landlord reference, or better still, see if you can talk to them.

theartfullodger

Yes, fire agent.

NB you'll realise that to be a lettings agent in England requires no qualifications, no training, no criminal records check.  The whole office could be staffed by prisoners on early release from GBH and financial fraud imprisonment....

Done any training in how to be a landlord or landlord/tenant law?  I've been a landlord for 25 years btw....

Best wishes to all