Such is the current shortage of good quality rental properties in Norwich that a number of our rivals are running promotional offers to win your business. One of them (a longstanding local company recently gobbled up by a large corporate – if that gives you a clue) recently had an advertorial in the property section of the Eastern Daily Press offering to include Rent Guarantee Insurance for all new clients for a 6 month period. We are big fans of Rent Guarantee Insurance (“RGI”), we think it’s something no landlord should be without. Generally speaking, a good policy will pay the rent if the tenant fails to do so for whatever reason and provide legal expenses to cover eviction costs etc. The benefit to the Landlord is that it safeguards your asset particularly if you have a mortgage whose payments solely depend on receipt of rent and moreover, provides you with peace of mind. While RGI is not a universal cure-all – no matter how good it is – all policies come with limitations and conditions but if you’ve got it, you’ll get your rent paid, if you don’t have it, you may only have the security deposit to fall back on. And security deposits are there to cover property dilapidations, they’re not usually big enough to cover unlimited amounts of rent as well.
The RGI policy we encourage our Landlords to take out was developed exclusively for Martin & Co offices by The Landlord Hub Ltd and underwritten by DAS which is the biggest provider of this type of insurance in the UK market. To qualify for the provision of Martin & Co Rent Guarantee, the tenants will have to pass thorough referencing checks which are also delivered by The Landlord Hub. This element of Martin & Co’s “belt and braces” approach to letting has recently improved. In addition to the comprehensive elements already included, our references have the luxury of a tenant monitoring component which enables tenants’ creditworthiness to be monitored throughout the tenancy term and the landlord alerted of any changes – something that up until now hasn’t been possible with other providers. This also is unique in the market and a very reassuring feature.
So all very sensible but would you rather use an agent offering this as a limited time offer to generate new business so the individuals there can meet their commission targets? Or would you rather come to Martin & Co in Norwich who always include this as part of the package as Landlord interests always come before commissions? That’s right, where you’ve instructed Martin & Co Norwich to let your property on a fully managed or rent receipt basis, if you then take out RGI with The Landlord Hub, we’ll pay the premium for 12 months cover and will do so for each brand new tenancy put in place for you at that property. Want peace of mind – give us a call.