Reducing your risk of choosing the wrong tenants with guaranteed rent

One thing many people underestimate when they become landlords is how tricky and costly it can be to find tenants. In the best cases you’ll be inundated with enquiries and have a long list of people who are ready to move in straight away and begin paying rent.

More likely though you’ll need to spend time marketing the property, arranging viewings, vetting interested tenants, and countless other jobs. This could leave you looking at a long period where you are not getting an income and have to pay out.

Speed can be a problem when it comes to choosing tenants too. The less time you set aside to vet and get to know them the more risks you will encounter. After-all, how do you know that they are going to take good care of your home and pay their rent on time if you don’t do your checks?

You’ll encounter the same issues every time you need to find tenants for the property. If this happens frequently you could be facing some big lost opportunities and even run the risk of encountering cash flow problems.

Guaranteed rent can offer an easy solution to these losses and ensure you receive a set income every month for the duration of the agreement. When you do this the lettings agent you choose to work with or the local authority you deal with will take responsibility for the property. They will find tenants, do all of the jobs associated with checking and selecting them, and handle collecting the rent.

You can enjoy great savings with guaranteed rent because you don’t need to spend on marketing in particular. These costs can easily begin to add up, particularly if you struggle to get tenants in quickly and advertise with multiple letting agents. When the responsibility is on the agent or the local authority because of the agreement they cover these costs.

At Finefair we have extensive experience with guaranteed rent in Hillingdon. We can provide a comprehensive service in the area, helping landlords to explore the options and choose the perfect one for them. We offer support and always focus on delivering the best results for our clients.