Landlords: Are you worried your tenants won’t pay rent?
There are things you can do to guarantee your income and protect your interests, even if your tenants fall short. Read on to find out more about how to get your rent on time, every time.
An ongoing concern for most landlords is always; will my tenant pay the rent?
Often the worries come from exaggerated news articles, nightmare TV shows and that one story of 'someone somebody knew' which has been passed around for years.
The reality is, some agents who have worked in the field for years, have only ever experienced this a handful of times, if ever.
If the initial referencing of a tenant is thorough before a tenancy begins, this is often prevented. Don't always go for the highest bidder by default, take a look at the profile, their payment terms. Make sure your agent is doing the best they can to ensure that the correct funds are in place throughout the tenancy.
Ask certain questions; for example:
They are employed - Great! - 'Are they on a probation period?' as this may affect the security of the job.
They receive bonuses - Lovely! - 'Is there written confirmation of this, which you can receive directly from the employer?'
They are paying in advance - Fantastic! - 'Do they have the funds available in their account for you to see proof of?'
Usually, if you have the correct referencing in place, this means that you can be 100% protected when it comes to insurance, as they can see you have taken the correct steps to ensure you have chosen your tenant correctly.
As standard, all Greater London Properties Managed Landlords on the Gold or Platinum scheme have always been automatically signed up for Landlord Rental Insurance. In simple terms, this means a proportion of your rent is guaranteed.
What Does the Landlord Rental Insurance Cover?
For all landlords currently on our scheme:
- Maximum rental income of £2,500 (This can be used towards higher rents)
- Maximum claim for 6 months rental income reduced from 12 months
- Professional mediation service introduced to resolve potential arrears
- Nil Excess
All our existing landlords currently without our Managed Packages are welcome to upgrade and take advantage of the extra peace of mind rental insurance can bring. Please call and speak to your Branch Manager who would be happy to guide you through the benefits else feel free to look at our packages here.
If you are not currently a Landlord with Greater London Properties but you would like to discuss the above in more detail, please feel free to get in touch and we would be delighted to chat through all your options.
Useful Numbers
Becky Hill, Branch Manager – Soho – 0207 734 4062, becky@glp.co.uk
Ediz Giritli, Branch Manager - Bloomsbury - 0207 113 1066, ediz@glp.co.uk
We look forward to hearing from you
Greater London Properties