Top Tips For Getting Your Rental Property Up To Standard
If you are the owner of a well-maintained property and are looking to secure guaranteed income every month, even if the property is empty, then our Guaranteed Rent Scheme could be for you.
With over 20 years of property management experience we can help you maximise the full potential of your property. Read our top tips for getting your rental property up to standard and learn more about how our scheme can benefit you.
What is the Guaranteed Rent Scheme?
Regal Portfolio Management’s Guaranteed Rent Scheme is a great way to earn a fixed steady income on your rental property. The service is free of charge and enables you to earn money on your property even if it isn’t occupied.
There are no monthly management fees, letting fees, upfront fees or backend fees, which is why it is such a popular choice with so many landlords in London.
How do I qualify for the Guaranteed Rent Scheme?
When you join the scheme we effectively become your tenant, ensuring you receive money every month. We sublet the property to handpicked tenants and manage the property for the duration of the tenancy.
To qualify for the scheme your property needs to be in the best possible condition, as that enables us to offer you the best rates and ensures the smooth management of the sub-let.
The steps you need to take include:
- Check that gas and electrical equipment is installed safely and well maintained
- Provide an Energy Performance Certificate (minimum of D rating)
- Place an extinguisher, carbon monoxide detector and fire blanket in the kitchen
- Smoke alarms are installed and tested on every floor
- Heat detector (mains powered) installed in the kitchen
- Fire-door with self-closer and fire strips installed in the kitchen
- Enclosed light fittings in the bathroom
- Window restrictors in place on the first floor and above
You must also ensure that every room has a minimum of two working sockets. Any property that does not have electrical sockets on the skirting boards would not be eligible for the scheme.
Every room in the property must receive natural light and there should not be any existing issues related to condensation.
You also need to check the property does not have certain features or issues before making your application. This includes:
- Exposed pipework without any boxing
- Blocked drains or gutters
- Connected gas heaters
- Dangerous trip hazards
- Internal locks on doors other than toilets and bathrooms
- Overgrown gardens
If a property requires a substantial amount of work before it can meet the required Health & Safety Standards, we are able to carry out the work and deduct the costs from your monthly payments. This means you do not have to pay for the works in a single lump sum, while still receiving a regular income each month.
In addition to any changes that might need to be made in order to meet the required standards for leasing, you will also have to supply some documentation:
- Gas Safety Certificate (pass with no recommendations)
- Fire Risk Assessment (for flats with common areas)
- 3 sets of keys (including letterbox key and communal doors)
- NICEIC Certificate (pass with no recommendations)
- Buildings Insurance (fill buildings insurance policy and cover)
Guaranteed Rent in London
If you’re a landlord in London and are interested in a guaranteed monthly rental income, contact the Regal Portfolio Management team today on 020 8459 2530 or email email@example.com . Our team will discuss your rental property with you and explain our Guaranteed Rent Scheme in more detail.