I keep in touch with what’s going on in the lives of my fellow landlords North of the border via my friends at the Scottish Association of Landlords (SAL) and via listening to members of the Association, many of whom joined SAL on my recommendation.
Members of SAL tell me landlords in Scotland are feeling the pinch of all the new regulations. Letting Agents fees are rocketing to offset the premiums they used to charge to tenants and many of the online portals have pulled out of working with Scottish landlords altogether.
Just because I don’t own any properties myself in Scotland doesn’t prevent me from keeping an eye on the market to look out for solutions though, my ancesters are Scots so I know that every penny counts.
The new regulations might be a pain in the neck for some (OK most!) but as they say, as one door closes another one opens.
I’ve been discussing the challenges with several of my contacts and one of them, an online letting agent (member of the Scottish Association of Landlords and ARLA), has decided to buck the trend and create a brand new product for Scottish landlords whilst their competitors are exiting the market in droves.
This is an overview of their product and I would be very interested in your feedback, especially if you own and let properties in Scotland.
Scottish Landlords Letting and Rent Guarantee Package
- Advertising of your property on all the major property portals (Rightmove, Zoopla, Prime Location etc)
- Tenant referencing
- Dealing with Deposit Protection
- Rent collection
- Legal Expense Insurance Cover and Rent Guaranteed for 12 months up to £2,500 pcm and £25,000 in total (with an option to renew each year)
- Eviction Proceeding costs covered
What’s more, you remain in control. You do the viewing so you get to look your prospective tenants in the eye and decide whether you want them living in your property. This also helps keeps costs down 🙂
The outcome of a tenancy is set at the beginning I think you will agree? However, on top of the increased regulation in Scotland and the associated costs being passed onto landlords, rent arrears, which are every landlords worst nightmare, are increasing too.
One bad tenant can leave you unable to pay your mortgage with prospects of losing your property and possibly bankruptcy. Worse still the court system can take well over 6 months to achieve eviction!
Add to that extortionate lawyers fees and damage to the property, is it any wonder that rent arrears and rising costs of compliance are the biggest fear amongst Scottish landlords?
The rent arrears situation is getting worse.
Arrears are increasing, courts are closing and the process of re-gaining possession of your property is taking longer and longer…
Is it any wonder that “professional rent dodgers” are having a field day?
Things are now about to change for the better for Scottish Landlords though 🙂
The rent guarantee insurers are happy to partner with the agent offering the above scheme due to their unparalleled tenant find and vetting procedure which provides for low risk letting.
The bottom line is that if the tenant does not pay – you still get paid, and you still save money
Given that 10% of tenants are in arrears amounting to thousands of pounds, and you get rent protection and legal cover, you’d expect a hefty premium wouldn’t you?
Not so – because of this letting agents bulk buying power already established in England and Wales, all of the above can be offered for a full year for just £247 + VAT. Compare that to the fees that your letting agent charges!
It get’s better though!
The deal even comes with a Money Back Guarantee!
If your property is not “Let Agreed” within 30 days you can cancel your instructions and have a full refund.
It’s a meaningful guarantee too, not from some two bob business operating from a bedroom, these agents are qualified members of ARLA and are also members of the Scottish Association of Landlords.
So, why take the risk with your property when you can use this service and get complete peace of mind at such an incredible price?
To find out more please complete the form below.