The Elliot Leigh Guaranteed Rent Scheme can provide several benefits to landlords, from providing maintenance and repair services, zero risk of rent arrears and more.
In this blog we explore some ways in which landlords can from financial peace of mind:
Reliable Rental Income: The primary advantage of a guaranteed rent scheme is that landlords receive a fixed rental income, typically paid on time every month, regardless of whether the property is occupied or the tenant fails to pay. This ensures a stable cash flow, reducing the risk of rental arrears or vacant periods, which can be financially challenging for landlords.
Reduced Administrative Burden: With a Guaranteed Rent scheme, the responsibility for managing the property, including finding tenants, collecting rent, and dealing with maintenance and repairs, is shifted to the scheme provider. In our case, we work with local councils to find suitable tenants and are the first point of contact for tenants, should they have any issues with the property. This reduces the administrative workload for landlords, allowing them to save time and effort, which can be valuable, especially for landlords with multiple properties.
Elimination of Void Periods: Void periods, where a property remains unoccupied between tenants, can lead to significant financial losses for landlords. In a Guaranteed Rent Scheme, the provider typically takes on the responsibility of ensuring the property is occupied, even during any transition periods between tenants. This eliminates void periods and ensures a continuous rental income for landlords.
Maintenance and Repairs: Our Guaranteed Rent scheme covers the cost for the minor repairs of your property. For example, during the contract we will refresh the property each time a tenant moves out to ensure it’s ready for a new tenant to move into. For any major repairs, we have an in-house maintenance team, offering landlords the best rates for any chargeable labour. This can be advantageous for landlords as it reduces some of their out-of-pocket expenses and potential financial risks associated with unexpected property repairs.
Long-Term Contracts: Our Guaranteed Rent scheme is offered in mid-long term contracts from 2-10 years. These longer-term commitments provide landlords with greater stability and security in terms of rental income. It can also help landlords plan for the future, as they have a fixed income stream that they can rely on for a specific duration.
It's worth noting that the financial benefits of a guaranteed rent scheme can vary depending on the specific terms and conditions of the scheme, as well as the provider offering it. Landlords should carefully review and assess the details of any scheme they consider to ensure it aligns with their financial goals and requirements.
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