16:54 PM, 5th July 2013, About 9 years ago
We have recently experimented with a “move in free” business model for tenants.
We were asked to let several properties where the entire block had been purchased by investors. Only two were let and that was creating a stigma for the block so we needed to get creative.
The model we came up with was for the landlord to purchase a deposit warranty (underwritten by FCC Paragon) and also the tenants documentation fees. The total cost to the landlords was £400 which was a lot less than them suffering another months rental void. Some of these properties had sat vacant for three months already!
It worked 🙂
We let all of the properties within 24 hours!
Voids are costly to a landlord and by reducing the initial outlay to a tenant a property becomes more appealing. All tenants have to pass referencing, and the zero deposit guarantee covers up to two months’ rent. In the event of damage at the end of a tenancy the insurance company will pay out in 14 days and pursue the tenants for costs.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleRent2Rent contracts - if you're going to do it do it right ....
Next ArticleA licence for sharers?
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|