Landlord problems: I can’t sleep at night!

November 22, 2013

Since Northwood was founded in 1995, we’ve become experts in solving landlord problems.

The funny thing is that these problems have not changed over the years.

Landlords still experience the same worries and concerns that they always have!

Will the tenant pay the rent on time, every time?

Will the tenant look after my property?

In a recent discussion on Property Tribes, a novice landlord was asking how other landlords managed to sleep at night.  He had so many issues buzzing through his head, he couldn’t get any shut-eye.

 

At Northwood, being landlords ourselves, we’re very familiar with the condition known as “Landlord insomnia”.

That’s why we formulated a cure:  Guaranteed Rent.

One of our Directors, Nick Harris, joined the conversation on Property Tribes with these words of wisdom:

“As you’ve done the necessary due diligence, then it needn’t be scary.

My advice would to first decide if you plan to manage the property yourself, or to employ an agent to manage the tenancy on your behalf

Assuming you opt for an agent I would then suggest you visit as many as possible in your chosen buying area; you’ll find the offerings are largely similar and the key is finding a ‘cultural fit’ i.e. an agent that you can establish a good working relationship with.

At Northwood we do offer a unique ‘let and forget’ solution by way of our Guaranteed Rent offering which, put simply, is designed to transfer the financial risk from Landlord to Agent (this is not a complicated insurance policy; we simply put our money where our mouth is rather than yours). What’s more in many cases a Landlord will receive a higher income than if they took on the risk themselves”.

Nick went on to say:

“Our offices would be pleased to advise you on local rental demand and give you an approximate rent for any properties you’re considering. They may also know of current landlords who are considering selling so you can consider properties with a proven rental history.

You can estimate your likely net rent before purchasing and our website is a good place to start (it has a Rental Income Calculator which outlines typical costs and allows you to stress-test different scenarios).

I hope this helps, and good luck on your BTL  journey”.

As the economic climate remains uncertain, tenant arrears inevitably rise and our recent survey suggested that “accidental” landlords may be the hardest hit.  New Government figures reveal that the number of landlords and agents seeking vacant possession through the courts is at its highest level since 2009 and up 12.7% from last year.

So if have been lying awake at night counting sheep or the worries of being a landlord have become too much, why not consider Guaranteed Rent for complete peace of mind and a peaceful night’s sleep?!

Northwood is one of the largest and most recognised lettings agents in the U.K. and the leading supplier of Guaranteed Rent to give landlords complete peace of mind.

Find us on Twitter @northwoodUK or visit our YouTube Channel.

 

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