5 Signs That Your Property is Ready for a Guaranteed Rent Scheme

Guaranteed rent schemes are a great investment strategy for earning a consistent fixed rental income from your property, hence the recent spike in demand. Although agencies are always looking to take on new properties, the fact of the matter is that not every property will qualify for a guaranteed rent scheme.

If you are a landlord looking to get your property on a guaranteed rent scheme, here are five signs that your property is ready to be taken on by an agency.

We will be touching on the following:

• Safety standards
• Maintenance and repairs
• Location
• Property management
• Necessary documentation

1. Your Property Meets Safety Standards

Before a landlord can rent anywhere, the property must meet all local safety regulations. This includes things like gas safety, electrical safety and fire safety. You will also need up-to-date certificates and must have tested all fire alarms and smoke detectors.

Seeing as your property will be used to house other tenants, it is essential that your home provides optimum safety and is prepared for possible emergencies.

2. Maintenance and Repairs Have Been Carried Out

All maintenance checks and repairs have been carried out, and the property is in good condition. An agency is less likely to take on your property if it has unresolved maintenance issues. This could be anything from broken windows and bad paintwork to plumbing leaks and faulty boilers.

Because most agencies take responsibility for maintenance and repairs during the agreement period, many will avoid properties that require additional work before tenants move in.

3. Your Property is in a Good Location

When it comes to rental properties, one of the main value propositions is the location. London’s rental market is highly competitive, so having a property in a prime location, for instance, near schools or with good transport links, makes for a better deal.

Agencies are more likely to take on properties in accessible locations as there will be more appeal in the market. This will also improve the chances of you receiving a higher monthly rent.

4. You Want to Be More Hands-Off with the Property Management

If you’re at the point in your property investment journey where you want to take a more hands-off approach with your portfolio, then it’s probably time for a guaranteed rent scheme. The terms of this agreement mean that you will be handing over the property’s management responsibility to your partnering agency, this frees up time for you to focus on other important tasks.

If this is a commitment you are ready for then it is worth speaking to a guaranteed rent speciliasts about the services they can offer you.

5. You Have the Necessary Documents and Legal Requirements

All rental properties in London need to be compliant with various legal requirenents, so as part of your onboarding process, your agency will require some documents from you. This usually consists of proof of ownership, utility certificates and other relevant information.

Besides verification purposes, providing necessary documentation protects you in the long run, as well as helps for a seamless transition of your property to the agency’s care. The speed at which you start earning a consistent income for your property is heavily dependent on how quickly the admin process is completed.

The Next Steps of the Journey
If you have read this and feel like your property aligns with the points mentioned above, book a consultation call with us, and a member of our team will gladly guide you on what the next steps of your journey should look like.

With over 15 years of experience in guaranteed rent services, our mission has always been to help landlords transform their properties into places of purpose as well as profits. To hear more about our mission and how we can support you, book a discovery call with us today.