Property Management Only VS Guaranteed Rent: Which Is Best For You?
If you are thinking of letting out your property in North West London, you may be considering property management or a guaranteed rent scheme. But which is best for you? Below we explain the differences to help you reach the right decision.
What is property management?
Property management sees a landlord outsource some or all of the day-to-day responsibilities that come with letting a property. In most cases this will be handed over to a professional management company. It applies to both residential and commercial properties and can range from the collection of monthly rent to being responsible for any issue that arises during the tenancy.
What are the benefits of property management?
Below are just some of the benefits of property management:
Good quality tenants
A reputable and experienced property management company will have a thorough tenant vetting process in place so the landlord is offered high calibre tenants. This will involve looking in detail at the tenant’s financial and rental history to ensure they are a stable and suitable fit.
Efficient rent collection
Property management firms will ensure rent is collected on time and can also apply additional fees where necessary. They will also deal with any difficulties and can process tricky evictions where needed.
Lower repair and maintenance costs
Due to existing relationships with licenced and insured contractors, a property management company can secure a better rate compared to a landlord going direct. This can help save the landlord a lot of money over the course of a tenancy.
Less stress and worry
When a landlord passes on responsibility to a property management company they gain more of their own time back. They will still be in communication with the company, but can take a more hands-off approach safe in the knowledge professionals have got the matter in hand.
What is a guaranteed rent scheme?
A guaranteed rent scheme is when an individual, letting agent or company rent a property for a set period of time for a fixed monthly amount. The people renting the property then sublet it to tenants and remain responsible for managing the property and tenancy for the full contract period.
- The amount of rent that we can guarantee
- The terms under which the renewal or termination of a lease can take place
Landlords who have mortgages should check the terms and conditions with their lender and insurers.
What are the benefits of a guaranteed rent scheme?
Landlords using a guaranteed rent scheme benefit from:
- Full property management, allowing landlords to save time and energy.
- Regular money every month with a lowered risk of having to deal with rent arrears.
- Legal evictions being less likely to occur, which saves a lot of stress and hassle.
Guaranteed Rent in North West London
At Regal Portfolio Management, our Guaranteed Rent scheme offers landlords the ideal lettings solution – a guaranteed monthly rental income and full professional property management. This helps landlords to maximise their return on property investment whilst saving them time and stress.