Landlords FAQ
| High Street Agent | Geda Properties | |
|---|---|---|
| Monthly Rent : | £1,250 | £1,000 |
| Annual Rent : | £15,000 | £1,2000 |
| Minus: | ||
| Typical void period 1.5 months : | £1,875 | £0 |
| Annual management fee 13% : | £1,950 | £0 |
| Inventory : | £150 | £0 |
| Annual Rent : | £11,025 | £12,000 |
| Your Monthly Profit : | £918.75 | £1,000 |
We are offering a fairly simple deal. At a very basic level, we lease the property from you for 3 years + and become YOUR tenant. If needed, we bring the property up to the requirements of our customers – young professionals. We then rent the rooms on individual AST’s and take care of EVERYTHING. As WE are your tenants you will only ever have to deal with us.
When renting a property there are of course lots of variables to consider – as you can see from the chart above. Too many hidden costs eat away at your monthly profit. At the end of the day you ask yourself ‘why you are doing it?’
We start paying you your guaranteed rent as soon as the property is ready to let. This could be from the day we sign the lease or as soon as any refurb is carried out.
Landlords
When most of our landlords take advantage of our service and benefit from the service, we have found that they never leave us, and instead choose to extend their contracts over and over again. We work hard to consistently retain the best standards in all areas.
We are not like high street agents – in fact we couldn’t be more different! Can you imagine a high street agent offering to refurb your property or arranging a fortnightly cleaner or a gardener? We take such great care of the properties that they are often in better condition on the rare times that we are asked to return one to the owner!
How do we do it? Well for one thing, we don’t have the overheads most agents have.
Tenants
We have been both Landlords and Agents for a long time and therefore really understand the importance of selecting only the best quality tenants for the property. All of our tenants are young professionals who are thoroughly vetted prior to moving in. After all, from day one we are responsible and will have to deal with any lost rent, potential damage or misbehaviour. We also deal with calls, emergencies and in fact ALL tenant issues! You will never again have to worry about voids. A recent survey by Spare Room showed that most properties have a void period of at least 6 weeks per year!
Too Good to be True??
Some Landlords have initially said no to us as they can’t see where we would make our money, and experience has taught them how tough this industry can be! As we said it’s a simple concept – this is how we do it;
- With all the benefits and guarantees we offer, we pay you a reduced rate.
- As you can see from the chart, you actually earn more at the end of the month.
- We become completely responsible for management, with all/any risks.
- The high end service we offer attracts slightly higher rents
- We collect the rent, pay you, pay the utilities
- Our profit is the difference. Simple
LET US PUT YOUR MIND AT EASE
WHAT TYPE OF PROPERTIES DO YOU DEAL WITH?
All types – but normally houses or flats with a minimum of 3 bedrooms and 2 reception rooms. It can have parking or not, have a big garden or not, it doesn’t even have to be in good condition. If you’re unsure, why not contact us to find out if we can help.
HOW QUICKLY CAN YOU TAKE A PROPERTY ON?
Once we have visited you property, within 24 hours we will make you a fair offer based on market conditions in your area. The price we agree to that day will be the price we pay for the duration of the contract, regardless of what happens to the market. If the property is vacant we could be signing contracts and paying the first month’s rent the next day.
DOES THE PROPERTY NEED TO BE FURNISHED?
Not necessarily. We take on fully furnished, part furnished and completely unfurnished properties. If you have previously rented to students, the furniture may not be the type we normally use and would ask you to remove it. To give you an idea of the furniture we use, take a look at our photos. Our customers are professionals and expect a higher standard of living than most students. This would be reflected in the offer we make you.
We don’t pay a deposit to you, but each person who takes a room will pay an individual deposit to us that is equal to one month’s rent. We register their deposit with the Deposit Protection Service for the duration of their stay, to safeguard against damage to the property.
HOW DO I RECEIVE RENT PAYMENTS?
We will set up a monthly standing order direct to your bank account for the agreed rent. This will go each and every month for the duration of the contract, guaranteed to be on time each month.
Believe it or not we don’t take fees from Landlords! Not a single penny. Nor do we charge tenant finder fees or the usual sky high management fees – we do that for free too 🙂 We make our money from the difference between what the customer pays us and what we pay you – simple.
IN YOUR VIDEO YOU MENTION A LIGHT REFURBISHMENT?
Yes, we bring in our design team and carry out a light refurbishment at our own cost. If there are larger maintenance works needed we can help you complete the works at a reduced cost.
I HAVE A WHOLE PORTFOLIO OF PROPERTIES; DO YOU TAKE ON MULTIPLE HOUSES FROM ONE PERSON?
Yes that’s not a problem. We can take on 1 or 20 houses from you, provided they meet our criteria.
I HAVE SOME FRIENDS WHICH ARE ALSO LANDLORDS, COULD YOU HELP THEM TOO?
Yes we could. When you recommend a friend we pay you a referral bonus of £200 per property that we take on. That could equal a lot of money, depending on the number of friends you have!
HOW MUCH WEAR AND TEAR CAN I EXPECT TO SEE AS IT WILL BE A SHARED HOUSEHOLD?
Lots of landlords are put off by the idea of sharers in their property as they believe the houses will suffer more wear and tear. This just isn’t true when letting to Geda Property Services. At the end of the 3 year contract the property is normally in a better condition than if rented by a typical letting agent. This is because we are scrupulous about who we let into the property, we have a fortnightly cleaner and also carry out minor maintenance repairs at our cost throughout the duration of our contract.
DO YOU HAVE YOUR OWN TRADESMEN?
We have a team of fully qualified tradesmen that we use for maintenance and general repairs. But if you have your own and would prefer to use them, that’s fine also.
HOW CAN I BE ASSURED THE PROPERTY WON’T GET DAMAGED?
This has never happened to us. There are many ways to assure you here. Firstly we only allow working professionals or mature/postgraduate students into the property, secondly we regularly inspect the house and you can too, and thirdly we have a fortnightly cleaner of communal areas and gardener to keep the property in great condition.
WHO WILL PAY FOR ONGOING REPAIRS?
As the landlord you will still be responsible for all the usual repairs and safety checks, the difference is we will manage it for you. We can arrange everything for you, so you just have to confirm and pay. We always get quotes for larger maintenance work before proceeding.
WILL I HAVE TO DEAL WITH THE TENANTS?
No, we are essentially now your tenants. We deal with all of our customers, all phones calls, emails, viewings, meetings etc. We do all the legwork for you, so you can relax.
WHAT HAPPENS IF ONE OF YOUR CUSTOMERS DAMAGES SOMETHING IN THE HOUSE?
We will cover the cost to get it fixed immediately, then we will charge our customers. You would only be responsible for normal landlord maintenance, i.e. gas safety check, PAT test on YOUR electrical appliances, keeping the hot water system, radiators and water systems working etc. Our contract will state our full responsibilities along with yours.
WHAT IF ONE OF THE CUSTOMERS DOESN’T PAY OR IS LATE PAYING?
That’s our problem not yours. This very rarely happens in reality, but when it does we cover the cost and you receive your full rent as promised.
WHAT INPUT WILL I HAVE WITH THE PROPERTY ONCE I SIGN A CONTRACT WITH YOU?
Once we take over tenancy at the property, if you didn’t want to you wouldn’t have to set foot in the house again until the end of our contract. Of course if you wanted to do quarterly inspections that’s fine too. We will pay you the agreed rent each month via standing order, and we will give you updates on inspections and any maintenance required, including gas safety checks. We take all the hassle out of being a landlord, no tenant issues, no voids, no missing rents- just guaranteed rent and peace of mind.
WHAT HAPPENS IF I WANT TO END MY CONTRACT WITH YOU OR VICE VERSA?
We ask our landlords to give us a minimum of 7 months notice if they do not intend on renewing the 3 or 5 year contract at the end of the term, and we will do the same. We ask for this to allow our customers to find a new home without the stress of having to do it in a short time frame.