Landlords - FAQs...
This FAQs page should hopefully answer any questions that you may have, we know it is important to get as much information as possible before taking the next step and making contact. I hope this helps!
Q1 - How will this agreement benefit me as a Landlord?
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You will receive a guaranteed rental payment each and every month for the duration of the agreement. There would be no need to worry about void periods!
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We will be responsible for finding tenants and conducting all reference checks and viewings, this will be of no cost to you, we will arrange everything.
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You will not have to deal with tenants anymore in any way, we will manage all of this for you. No more unwanted calls during the night, at the weekends or while you are away for minor problems like changing light bulbs to list one of many.
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We will maintain your property for the duration of the agreement at no additional costs to you.
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You will be able to enjoy a completely hands free and worry free approach to your rental property.
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You will of course receive your property back at the end of the agreement in the same state as when it was handed over to me or in most cases in a better condition adding value to the overall property.
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You still own the property so once the agreement has finished (3-5 years) you will have gained some great equity which is fantastic for the future!
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You will of course have the option to renew with us at the end of the agreement should you wish.
Q2 - How would the agreement work?
Once I have spoken with you and I have had a look at your property I would make a guaranteed rental offer to you and provided you accept and we are both happy you would sign a Wilkins Living Ltd management agreement which would usually last between 3 and 5 years. During this period we would take over management of your property and you would receive the agreed upon guaranteed rental figure each and every month in full during the length of the agreement. You can sit back and relax knowing your property is being professionally maintained and managed whilst giving you a guaranteed income.
Q3 - What responsibilities will I have as the Landlord if I were to go ahead with the agreement?
As the Landlord/Owner of the property you would have responsibility for the structure and exterior of your property. You will need to of course need to cover the mortgage payments on the property if you have a mortgage and ensure the building is properly insured. You will also have responsibility for ensuring you have the adequate safety and environment certificates in place.
Q4 - What if the property becomes vacant during the agreement?
You will always be able to enjoy a guaranteed income from us if we came to an agreement. If the property becomes vacant at any time you will still receive 100% of the guaranteed rent, it is our responsibility to ensure the property is fully tenanted. You will receive a guaranteed rental regardless of whether the property is tenanted or not, no more void periods to worry about.
Q5 - How can you guarantee the rental payments to me?
At Wilkins Living Ltd we will only offer you a guaranteed rental if we are confident in the properties rental capability. We look for properties in good areas, close to transport links and local amenities therefore there should be no problem in providing you with the guaranteed rent each month especially as we house professional tenants that usually have guarantors. We do manage other houses and buy properties so the payments can also come from elsewhere if needed to ensure you get what you are promised.
Q6 - How would this agreement benefit Wilkins Living?
We would benefit from an agreement with you as we would rent out your property to professional individuals on a room by room basis. We would turn any spare reception rooms into further bedrooms whilst ensuring we leave a communal living area and kitchen for the tenants. We include all bills in the tenants monthly rental therefore we can demand a higher rental income. We would benefit from the uplift in rent that this and refurbishments would provide.
Q7 - What if my property is in need of updating and refurbishing?
If we feel that your property does need updating or refurbishing then we will cover all costs should we come to an agreement. Depending on the property this would include costs for painting/decorating, new carpets, new fittings and general furnishing to ensure the room is dressed and up to a very high standard ready for tenants to move straight in. We will arrange everything and in cases where the property needs a lot of work doing for example new kitchens, bathrooms, flooring throughout we have worked with Landlords who can fund some of the costs and we still take care of it all.
Q8 - What will happen at the end of the agreement (3 - 5 Years)?
Once the agreement period has come to an end your property and keys would be returned to you and this would be the end of the agreement. Your property will have been refurbished and updated whilst also being properly maintained during the agreement period. This would have added extra value to your property and will stay with the property. If you were enjoying the hands free approach and guaranteed rental then we would be happy to discuss possibly continuing and renewing the agreement.
Q9 - Can you explain a bit more about the option of Guaranteed Rent including Sale?
The guaranteed rent and sale is very similar to the standard guaranteed rent as previously explained however we would have the option to also buy your property from you at some point in the future at a price that we can agree on at the start of the term. The length of this agreed term would typically be between 5 and 7 years. During this time period you would still receive a fixed guaranteed rent every month in full which will also be covering your mortgage if you have one whilst still leaving you with profit on top. With 6 months notice we could then buy the property from you at our agreed price anytime during the 5 - 7 year period.
This option is great as it gives you certainty, your mortgage will be covered, you will make some good profit and sell in the future at a price you are happy with.