Frequently Asked Question
1If the property is empty will I still receive guaranteed rent?
We aim to have the property at 100% occupancy, however, your payments will always be sent as expected on the same date every month all year round until the end of the contract, even if the tenants miss payments.
2Who organises tenant viewings?
We ensure that all the viewings are done by us and that we find the tenants on your behalf. Once the contract has started with us, there will be very little required from yourself. We make sure that everything with tenants is dealt with us.
3How long are contracts usually?
Depending on the type of contract you are seeking and what your aims are you can modify your contract term from 3-5 years with the option of renewal after the contract is over.
4What happens with furniture?
We have all our apartments furnished. If your apartment is not furnished then we can set up different ways in which we can help furnish it. We also ensure that furniture that we put is replaced (in case of damage) at no cost to you.
5Who is responsible for bills?
All bills are paid by us and charged to the tenant, this ensures that you do not have to worry about any further costs and that the bills are paid on time, every time, avoiding those hefty late fees.
6What is property management?
Property management is the concept of overseeing all aspects linked to a property/estate. This can be done as a Landlord or property management companies. General responsibilities would cover the maintenance at a property, finding and vetting suitable tenants for the property and accounting associated to the property, such as collecting rent and ensuring all costs such as bills associated to the property are looked after.
7What is a letting agent?
A letting agent is an individual or a company whose sole responsibility is to find tenants, unlike a management company, a letting agent will only work with tenants on behalf of a Landlord. Their responsibilities are to conduct and organising viewings and referencing tenants to ensure that they are suitable candidates for the property. Once tenants are found, letting agents will then hand back responsibilities for day to day management to the Landlord.
8What does a property management company do?
A property management company manages a property on behalf of a Landlord. They take all responsibility for the property and manage every aspect of the property. They do this by either charging a fee to the rental amount a landlord receives or with different payment schemes, such as guaranteed rent.
9How much do property management companies charge?
A property management company can charge anything from 5% all the way to 20% of the rental figure. Other property management companies may not cover any fees and instead offer different forms of payment to the landlord such as guaranteed rent or a guaranteed rent scheme.
10How much do letting agents charge to manage a property?
Letting agents don’t tend to manage properties, usually focusing mostly on finding tenants on behalf of a landlord. The charge for this is usually 2-6 weeks rent and any associated fees that they may face such as; inventory and reference checks.
11How much do letting agents charge landlords?
Letting agents charge anywhere from 5%-20% on the first month's rent or they take 2-6 week's rent from the tenant.
12What do letting agents / property managers check when referencing?
There are many things that reference checks look for. A reference check is to provide a Landlord or letting agent with a risk score depending on the prospective tenant's situation. The main things that referencing check for are tenant's credit check, employment & income details, current residential status and whether or not a guarantor is required.