Do your homework on Guaranteed Rent schemes
All too often when we make a significant purchase, such as a bed or a washing machine, we are faced with a bewildering choice of retailers to buy from. Do you choose a well-known high street brand, an online store or perhaps take the recommendation of a friend who is banging the drum for their local independent specialist. “Their furniture lasts a long time,” are the last words you remember your friend saying.
And what about the make or model? We’ve all turned to review sites to carry out research.
So if you’re a landlord keen on a Guaranteed Rent service, you should take exactly the same approach. Ok, there’s not exactly a Trip Advisor site devoted to the pros and cons of any of these schemes, but you can still do your homework on them. After all, if you end up with the wrong company, your property could be affected and you could end up out of pocket. Just remember: companies and individuals springing up daily claiming to offer a Guaranteed Rent services aren’t always as reliable as they make out..
Here are 4 tips as to what to watch out for when assessing a service:
1 Ask for recommendations
Just as you would if you were going to take up another service, why not ask to speak to other clients to see what they have to say? If you feel it’s appropriate you could go along to see one of their current properties and check how it’s set up and the kind of service they’re receiving.
2 Check the profile
Make sure they company’s real! DueDil.com is good for this – you can see what assets are behind the company and for how long they’ve been trading.
3 Google’s your friend!
Have a Google to check if there are any bad reviews of the company. You’ll likely to get a more realistic understanding of how they’re viewed generally.
Check that the company is a member of the right schemes. For example, do they have recognised client money protection in place? Are they a member of a Property Ombudsman Scheme or SAFEagent? This ensures the clients’ monies are kept in a separate account. As well as this, check that the tenants’ deposits are kept in a scheme – and confirm which one it is.
Ensuring you get these questions answered is vitally important if you’re looking to make sure your property is in safe hands. Not doing the correct checks could cost you, and your wallet!