One question we often hear from landlords is, "Is Rent Guarantee really necessary for my properties?" The answer is a resounding yes.
In today's ever-changing world, it's crucial to take measures to protect your investment. And one of the easiest ways to safeguard your rental income is by having a reliable rent guarantee policy in place. Unfortunately, landlords can find themselves in situations where tenants stop paying rent intentionally or due to unforeseen circumstances like job loss.
Given the current cost of living crisis and soaring rents, many tenants are struggling to make ends meet. As a landlord, it's essential to have a safety net that covers any unpaid rent and associated legal costs. Rent Guarantee, a service provided to our Managed & Rent Collection clients, offers exactly that. If you'd like more information about this service, please let me know. Additionally, most landlord insurance providers also offer rent guarantee, so it's worth exploring this option as well.
Statistics show that letting agents are 272% more effective at keeping landlords clear of two months or more in rental arrears compared to those who self-manage.* Combine this statistic with the absence of an effective Rent Guarantee policy, and the risk becomes significant.
To summarise, whether you're an existing landlord managing your own portfolio or planning to embark on the landlord journey, having a Rent Guarantee policy should be a top priority.
*Statistic provided by Christopher Watkin, property journalist.