RESIDENTIALlettings
“While we’d like to see that increase,
some landlords just don’t like the extra costs. These new references do reduce the risks; for example, when we talk to employers we ask the question, ‘Is this person likely to lose their job in the near future?’ but with the best will in the world, it isn’t always predictable. Two months before Woolworths closed down, we referenced twelve of their employees, with positive results. Two months later their worlds were turned upside down when they lost their jobs. Many landlords, highly geared with significant mortgage payments every month, simply cannot afford to lose two or three months’ rent; Rent Guarantees avoid that scenario.” HomeLet’s new range of Rent Guarantee
products goes even further to provide protection from unforeseen costs. Absolute is one of two options, a rent guarantee that not only covers a tenant in a property, it covers all the tenants. So that if one or all of them become unable (or unwilling) to pay their rent, the landlord is still paid.
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www.propertydrum.com 42 FEBRUARY 2011 PROPERTYdrum
65 per cent of our landlords
and agents now take the broader option when referencing tenants as it offers the best protection.’
And meeting the argument that with
excesses, these insurances don’t cover enough to make them worthwhile, the second product, Absolute Zero, provides Rent Guarantee without any excess; a powerful incentive to the landlord who likes his finances secured.
Eviction – thE last rEsort The last product in this new HomeLet trio is Evict. Eviction is an emotive word and a
situation that no landlord or agent likes, but when necessary, evictions can be handled by HomeLet efficiently and legally, relieving the landlord of their involvement and of the financial costs incurred. And there is evidence that many more
of today’s landlords really do prefer more financial security, “Until quite recently, 55 per cent of our references were the basic level. Landlords and their agents believed them to be quite sufficient. Now, that figure has gone down to 35 per cent, with 65 per cent opting for our broader option. Agents are recommending this as the best route, and we are confident that our new products will offer even more choice and greater protection.”
www.HomeLet.co.uk
Add your own tips and techniques online at:
www.propertydrum.com/articles/HomeLet11
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