Evictions are on the increase-.but you can protect your let property!
Letting a property should be a rewarding and trouble free business for landlords and their agents alike. Now, more than ever, landlords want the greatest protection they can when renting out their property - they need to know their rent will be paid.
The number of tenant evictions in England and Wales has reached a record high. Last year alone 37,739 eviction court cases went the full distance to requiring a bailiff to remove the tenant. This is the highest number since records began in 2000.
To mitigate this risk, Martin & Co in Norwich provide Free Eviction cover for landlords, should tenants default on rental payments, to ensure that landlords can gain possession of their property again as soon as possible. Mike White who owns & operates their Norwich Office together with his son, Matt, said "luckily, we rarely have the need to go down the formal eviction route but perhaps that's because we strive to do our job properly in the first instance". He went to say, "Nonetheless, since our clients employ us primarily as their Risk Manager, we offer this product in conjunction with The Landlord Hub, to provide that elusive feel good factor, also known as 'Peace of Mind'. Free Eviction is a great feature to include in a referencing product - when we're talking to our landlords we can assure them that if there is a problem tenant who can't, or won't pay, they have the means to get them out of their property with no additional costs. This is why so many landlords trust us, because one of a landlord's biggest worries is having a tenant who won't leave - especially when the average cost of a tenant eviction currently sits at approximately £1, 650 (not including unpaid rent)".
Mike goes on to say, "As far as I know, we're the only letting agent in Norwich to provide our clients with this facility. When compared to the cost a landlord would pay for an average management fee, it's easy to see it makes sense for a landlord to entrust their property to a letting agent who uses The Landlord Hub's Elite referencing with Free Eviction Cover".
Hold on a minute, that's all very well putting such a great facility in place but how can you prevent needing it at all? We know every 5 min 12 sec someone is declared insolvent or bankrupt in the UK, and over 1,900 County Court Judgements are now issued every day. And with the tenant population in the UK being not far off 1 in every 5 that means a good chunk of those statistics will pertain to tenants. To mitigate this, most landlords using letting agents require them to access professional tenant vetting companies to provide information about credit history and debt, amongst other things. But just hold on for another minute. It's great you undertake comprehensive referencing checks but surely they're a snap shot in time and backward looking? It begs the question, how does a landlord or letting agent keep track of tenants who are falling into financial difficulty after they've moved in?
Martin & Co Norwich believe they've found the answer to making their tenant background checks more than just a one-off check. Again, working with The Landlord Hub, they have access to a product to not only carry out full comprehensive checks on income, rental history and creditworthiness at the outset but which also monitors the tenant's credit record for CCJs, Bankruptcy or IVAs throughout the life of the tenancy term and alerts them to any changes - something that up until now hasn't been possible with other providers.
Mike White says, "Every month we're provided with an update on any tenants who have had new detrimental credit information about them - these are tenants who have previously passed referencing checks, but you can't predict the future and it helps us and our landlords to be informed. We know most letting agents only offer referencing as a 'snap-shot' in time; we wanted to offer more than that given the big increase in the numbers of people entering into IVA's or being registered with CCJ's or Bankruptcies over the last 12 months. So we now ensure our landlords have a fully comprehensive 'snap-shot' before a tenancy starts but which constantly updates itself - in some cases it's an early warning of potential problems".
"While we're fairly certain that our Free Eviction Cover is unique in Norwich to Martin & Co, we can say, unequivocally, we're the only agent in Norwich who currently provides an Ongoing Credit Monitor facility. Our mission is to keep our clients from having sleepless nights and we have to be continually innovating to ensure they are provided with the highest level of protection with a unique market leading package."
For more information on Tenant Monitor or Free Eviction, contact Martin & Co on 01603 766860 at 1 Charing Cross, Norwich. Ask them too about their cherry on the cake in the form of a Rent and Legal Protection policy.
Martin & Co Norwich