Thursday, 25 July 2013

Guaranteed Rent London: Landlords Need Protection, Too

It is hard being a landlord. Not only do you have to manage several units, you also have to deal with tenants of all shapes and sizes. There are obedient tenants, lazy tenants, rowdy tenants, and tenants who simply do not have the money to pay for the rent. Of course, as a landlord, would you risk being a dictator in waiting by using brute force in order to kick out non-paying tenants? You do not want to be labeled that, do you? Fortunately, there is a safeguard for landlords whose tenants cannot, for some reason, pay their rent: rent guarantee insurance. 

Another Form of Insurance
Rent guarantee insurance is simply a form of protective insurance given to a landlord against the loss of rent. The loss of rent or forced vacancy, as mentioned before, is usually caused by the tenant not paying his dues – and will cause financial, legal, and maintenance nightmares for the landlord himself. This form of insurance started out in the UK and is expanded to the US. Here is how the system works: a guaranteed rent London company, for example, will offer rent guarantees to landlords for a small annual fee. One month after acquiring the insurance, the company’s representatives will visit your property and will take care of things such as maintenance and rent collection.

Saves the Landlord’s Sanity
The more units you lease to tenants, the harder it is to become a landlord. It is like a real-time strategy game where you have to micromanage things, only with a much longer time period. If you think late-paying tenants are a pain in the butt, your tenants move in and out for a short time due to contractual work, or you simply do not have the required abilities and sanity to effectively become a landlord, it is time you hand over the keys to a competent guaranteed rent company. You can then relax and take it easy.

For more details, go here

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