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  • Writer's pictureElliot Leigh

The Benefits of Guaranteed Rent Schemes for HMO Landlords

Updated: Jul 12, 2023

Being a landlord can be a rewarding investment, but it also comes with its fair share of challenges. One of the main concerns for HMO (House in Multiple Occupation) landlords is ensuring a consistent rental income while effectively managing the property. This is where the Guaranteed Rent schemes can provide significant advantages. In this blog post, we will explore how the Elliot Leigh Guaranteed Rent can benefit HMO landlords, offering them peace of mind and streamlined operations.

Steady Rental Income

One of the most enticing aspects of our guaranteed rent scheme is the assurance of a steady rental income. Under our scheme, landlords enter into an agreement with us to manage their HMO property. Acting as the middle person/company, we provide the housing to local authorities to house their tenants, whilst committing to to pay landlords a fixed amount of rent every month. Regardless of whether the property has empty periods or tenants fail to pay, landlords still receive their rental income. This eliminates the risk of rental voids and provides consistent cash flow, contributing to the financial stability of the landlord.

Reduced Administrative Burden

Participating in a guaranteed rent scheme can significantly alleviate the administrative burden on HMO landlords. As a property management company we take charge of property maintenance, working alongside local authorities who take charge of any tenant issues, from finding a tenant to rent collection. By delegating these responsibilities, landlords can save valuable time and effort, allowing them to focus on other aspects of their business or pursue additional investments.

Decreased Risk of Arrears and Evictions

Rent arrears and evictions are common concerns for landlords. However, with guaranteed rent schemes, these risks are significantly reduced. The local authorities we partner with will take on the responsibility of rent collection and manage any arrears. Landlords no longer have to worry about the financial impact of late payments or the costs associated with eviction processes. This offers landlords peace of mind and a reliable income stream without the headaches of chasing overdue rent or dealing with legal proceedings.

Property Maintenance and Repairs

Maintaining an HMO property and organising repairs can be time-consuming and costly. However our guaranteed rent scheme also covers property maintenance and repairs, with some minor work included free of charge and bigger jobs offered at a competitive rate. We have an in-house dedicated maintenance team who handle the upkeep of the property, relieving landlords of the burden of organising their own repairs, saving both time and money in the process.

Long-Term HMO Agreements

On average, landlords will lease their property to us on the Guaranteed Rent scheme for 2-5 years, however we have even gone up to 10 years with some landlords. These agreements offer stability and predictability for landlords, ensuring their property is rented out for an extended period. Long-term tenancies can be highly desirable for landlords, as they minimise the turnover of tenants and reduce the associated costs of finding new occupants. It also provides a sense of security, knowing that the property will be occupied and generating income for an agreed-upon duration.

The Elliot Leigh Guaranteed Rent Scheme provides numerous benefits for HMO landlords, helping to ensure a steady rental income, reducing administrative burdens, mitigating the risk of arrears and evictions, taking care of property maintenance and repairs, and offering long-term agreements. By joining the scheme, landlords can enjoy the advantages of a guaranteed rent scheme, allowing them to focus on growing their property portfolio and maximising their investments.

To find out more information for your HMO property, get in touch today.

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