What Should I Look For In A Guaranteed Rent Company?
There are many companies in London and England who offer a guaranteed rent service. The number of companies available to a landlord for this service type is growing year on year, making it more difficult for landlords to choose between these companies, separating the good from the bad and the reputable from the dangerous.
So let’s take a look at what you should look for in a guaranteed rent company when considering them for your property!
Who Are They?
A good place to start is simply identifying who the company is. There are a few ways to do this, quickly and simply:
● Start with the company's social media profiles, such as Facebook, Twitter and LinkedIn. This can give you valuable insight into the company, the types of tenants they attract and any reviews or endorsements they have.
● Carry out a simple Google search on the company to acquire more information on who they are and how long they have been operating.
If you are considering a newer company, it may be worth carrying out due diligence on the individuals involved to ascertain their experience, knowledge base and any qualifications they may have. Ask yourself, does the company/individual look reputable and don’t be afraid to ask them questions.
What Are The Experiences of Other Landlords?
Another factor to consider would be the experience of other landlords and/or letting agents they have worked with. Can the company you’re considering provide you with testimonials and reviews from other landlords benefitting from this service? This is a great way to hear authentic experiences and identify if a company is reliable and trustworthy.
This may be more difficult to provide for newer companies who may lack reviews. The solution here is to pay more attention to the individuals involved in the process and ongoing management of your property, to ensure they have the knowledge and understanding to diligently manage your property.
Are They Accredited?
Guaranteed rent companies fall under a category of their own as they are not quite letting agents and neither are they management agents. Guaranteed rent companies can be described as a hybrid of the two, which is great for an all inclusive service. However, this means there is debate as to what governing bodies and professional memberships they should have. Here’s what you should look for:
1. A Recognised Redress Scheme (PRS)
In England, you must be part of a redress scheme if you are a letting agent or property manager. It was also announced in January of 2019 that landlords will soon also be required to join a redress scheme, however there is currently no obligation to do so. Although there is some debate as to whether a guaranteed rent company is required to join, we recommend it as best practice.
2. Information Commissioner’s Office (ICO)
As of May 2018, with the introduction of General Data Protection Regulation (GDPR) all landlords, agents and managers who handle and control information, should register with ICO. This is a legal requirement.
3. National Residential Landlords Association (NRLA)
Although not a legal requirement, we do consider this membership to be best practice and can be extremely helpful to landlords and agents - including guaranteed rent companies. The NRLA also offers an accreditation for those who undertake a course on a range of topics covering the private rental sector in England.
Does XII Practice What We Preach?
Absolutely! For us, the ability to share our memberships and support network with our landlords is what helps us to offer more security and peace of mind when using our guaranteed rent service. XII is proud to be members of:
● The Property Redress Scheme (PRS)
● Accredited Landlord Status with the NLA
● Custodial Members of mydeposits
In conjunction to our memberships, XII continues to hold professional indemnity and public liability insurances to cover all of our portfolio and teams.
If you have any further questions or would like to discuss how a guaranteed rent scheme would benefit you, give our team a call on 0207 117 2879 or email us at firstname.lastname@example.org. You will also be able to book in a no obligation property inspection to see how XII Estates can work for you!