28 Jun Common Risks When Letting Properties
Being a landlord is never an easy job, juggling between looking out for the well-fare of your property, ensuring that you have a good tenant and all of the paperwork that is entailed within your insurance policies and general landlord duties. But fear not, because we have rounded up three preventions that you can carry out in order to protect yourself from any possible risks that all landlords could face…
The Unreliable Tenant
Every landlord initially worries about the reliability of their tenant as they sign a new contract. Everything could sound good on paper and at that moment of time, however only time can really tell if they will follow through with their promise of delivering your rent payments on time and in total each month. And not just the initial worry on payments, but this issue can also cause a strain on the relationship you share with your tenant and make it an unpleasant one, which no one wants. In order to protect yourself from being in this situation, we can help you here at Van Mildert by offering the following:
- Tenant Referencing –
First of all, before any tenant occupies any property, there should always be a tenant referencing check carried out. This service checks for a potential tenant’s employment and income situation, any previous landlords, credit checks and court judgements.
- Guaranteed Rent Collection –
Our Van Mildert Rent Collection service is when we will collect the rent from a tenant and pay it to the landlord or letting agent on the rent due date no matter what. This service significantly reduces the account work of our clients, and is a service that landlords find invaluable.
- Rent Guarantee Insurance –
Rent Guarantee Insurance is a policy that is in place so that your rent is guaranteed to be paid no matter what happens. You can claim on your monthly rental income if your tenant can no longer pay their rent and your insurer will pay for the rent that you are missing out on.
Damage Made To The Property
Another major area for concern with every landlord is the possibility of a tenant causing any damage to your property. Under our Guaranteed Rent Collection service, we will pay for 50% of the rent for two months after vacant possession if the tenant breaches their agreement or damages the property.
In even more serious cases where the tenant could potentially cause an amount of damage to the property that the deposit does not cover the cost of repairs, we will pursue the tenant through the court system to reclaim the cost of repairs for landlords at no extra charge.
If you are a landlord and have any questions regarding any of our services, please don’t hesitate to give us a call on 0191 256 0920 and a member of our professional team will be more than happy to assist.