UK Landlord Forum / Life

Hello everyone,

I'm new to the buy to let property game and I've been doing quite a lot of research on the net, I've come across a few estate agent websites who promote their guaranteed rent schemes.

I would appreciate any feed back, past experiences whether you thought it was a good idea or not or even recommendations of estate agents or letting agents you've used yourselves.

Thanks in advanced

Sidney

Never had experience with guaranteed rent schemes, but always see them offered. I'd just pay special attention to the small print. They may offer "guaranteed rent" - but at what rate? Do they guarantee tenants paying the going rate? Also, enquire if they're DSS tenants! Because anyone can get DSS tenants from anywhere!

I called one in to see what they would offer. They become my tenant so my agreement is with them. The other agents were valuing the rent at around £575pcm but they said £450. This is where they make their money. You cannot argue with the value if you wish to use their service. If their tenant misses a payment or leaves then the agreement being with them does not alter your income. Unless you read the small print!! Every time a tenant leaves or doesn't pay, they sting you for a months rent too! I decided it was too much a win win situation for them. If the tenant messes the place up, they only repair it to a standard suitable to re let and not necessarily to the standard it previously was. They use your property as a vessel to earn their money.
If however you were emigrating, hey, seems a sensible hassle free thing to do.
If you are not mortgaged to the hilt (congratulations!), then maybe.
The £450 they offered did not cover my mortgage. If you have the luxury of not living from your credit card and just want an easy life then this is perhaps suitable for you.