The proposal
We are offering a simple solution that takes the uncertainty out of running Houses of Multiple Occupation. In a nutshell, we lease the property from you for 3 years+ and become YOUR tenant. We then, if need be, bring the property up to the standard requirement for our customers – young professionals. We then rent the rooms on individual AST’s and take care of EVERYTHING. As we are your tenants, you only ever have to deal with us.
As you know, when renting out a property there are lots of elements to consider such as hidden costs that eat into your monthly profit and you may end up asking yourself why are you doing it?
We start paying you your guaranteed rent as soon as the property is ready to let. This could be from the day we sign the lease or as soon as the any refurbishments are completed.
Landlords
We work hard to consistently maintain the best standards in all areas.
We offer to lightly refurbish your property or to work with you to upgrade your property if needed. We redecorate vacated rooms in between tenancies as required and address any maintenance issues promptly. We take great care of the properties to keep them in good condition.
We provide a cleaner for the communal areas every two weeks and provide a gardener when seasonally required.
You do not have to be concerned about voids. We pay you a guaranteed rent every month. We deal solely with professional tenants in full time employment and fully reference all prospective tenants.
Tenants
As landlords ourselves, we really understand the importance of selecting only the best quality tenants for the property.
All our tenants are young professionals who are thoroughly vetted before they move in. After all, right from the start we are responsible for having to deal with any lost rent, possible damage or misbehavior. Also we deal with the calls and emergencies and ALL tenant issues.
Imagine never having to worry about voids! According to a recent survey on Spare Room, most properties have a void period of at least 6 weeks per year.
Too Good To Be True?
One objection landlords might have is not seeing how we would make our money, especially as they have their own experiences of difficulties to draw on.
Well, this is how we do it:
• With all the guarantees and benefits we offer, we pay you an agreed rate.
• Saying that, looking at the chart example again, you actually earn more at the end of the month.
• We become completely responsible for managing the property, with all the risks.
• The high end service we offer attracts slightly higher rents.
• We collect the rent, we pay you and pay the utilities.
• Our profit is made on the difference…..Simple.
Our Guarantee To You
• You will ALWAYS get paid, even if the property is empty.
• You will get paid with money in your bank account on the same day every month.
• You will never be charged any fees or commission by us.
• You will never encounter any hidden or unforeseen costs.
• We will take great care of your property.
• You will have a truly ‘Passive Income’.
Gas Safe
We will organize this on your behalf and meet the engineer at the property. We send you a copy of the certificate and we keep one ourselves. This test is a legal requirement to ensure that all gas appliances in the property are safe. This certificate has to be renewed every year and can incur heavy penalties if not carried out and not having a valid certificate.
Deposits
We do not pay a deposit, but we do take deposits from all our tenants which are secured in a Government backed deposit protection scheme which is DPS (Deposit Protection Service). This money will in part or fully pay for any repairs caused by a tenant damaging the property.
Insurance
As the owner of the property, you remain responsible for Building Insurance which usually includes an amount of Contents Insurance. Because a Residential Insurance will not be adequate, you will either need a Buy To Let policy or a specialist HMO policy.
We have Public Liability Insurance. We advise our customers to purchase their own Contents Insurance.
ID
If you believe we can help you, we would need 2 forms of ID as proof of ownership of the property.
Inventory
You may decide to take an inventory from an independent company before we take over the property. Or we can arrange this for you if you would prefer.
Inspections
You are welcome to inspect the property at any time by giving us 24 hours notice. It is our practice to carry out regular inspections and take care of any issues that may arise. We have a good relationship with our customers and any issues they might have are dealt with speedily.
Legal
If you are in the situation of having a mortgage, you will have to procure ‘Consent to Let’ from your mortgage company. If we agree to Multi-let your property, you will need have the correct mortgage product. We would also ask you to sign a warranty in our contract to confirm that this is the case.
During an on-going contract, allowances should be made for the standard of the property at the beginning of the tenancy and for fair wear and tear during the tenancy.
Complaints
At ‘Smart Room Lettings’ we know how important customer service is and so we aim for 100% satisfaction at all times. If however you are not happy with any aspect of the service we offer, we will handle your complaint in an efficient and professional manner. (See our Complaints Procedure).
Maintenance
As for Management and Maintenance jobs, we will take care of that, large or small on your behalf. We will obtain your permission before any work is carried out and keep contact throughout the process. We will furnish you with full invoices for your tax records, or you can use your own tradesmen if you prefer.
Termination
If you should decide to terminate the agreement between us for any reason, we would need at least 6 months notice. This is simply because we may have just signed a tenant in on a 6 month AST, and we want to ensure that we can return the property to you in vacant possession.
Court
If there ever came a time when we have to remove a tenant via the Courts, (which has never happened to us yet) we will take care of the whole process and keep you updated if you so require. This would not effect your monthly payments.
Useful Links
The Property Ombudsman www.tpos.co.uk
Deposit Protection Service www.depositprotection.com
Gas Safe www.gassaferegister.co.uk
Green Deal www.gov.uk/green-deal-energy-saving-measures/