How much will I receive guaranteed each month?
This number is different for different properties, it will depend on size, location and tenant demand. We work out a number which is fair for both parties, we take into account current market rates whilst the landlord helps us with information on the property, including council tax and utility bills. Once negotiated ethically and fairly, a managing agreement is drawn up.
How does the agreement work?
Both parties sign the North Point management agreement which generally lasts 3- 7 years. During this period, we would take over the management of the property and the landlord will receive the guaranteed rent on time every month.
What if the property is vacant during the management agreement?
Void periods are not the landlord’s problem, as per the management agreement, this is North Points responsibility. The landlord will receive the guaranteed rent on time every month, regardless of voids.
What if my house needs refurbishing?
When letting properties to working professionals, they expect the best. North Point ensures properties are refurbished to a high standard at no cost to the landlord, after all the working professionals are our customers and we like to give the best service.
What are the responsibilities of the landlord during the agreement?
The landlord/ owner of the property is responsible for the structure and exterior of the property (minus the gardening) and any serious problems such as replacing the boiler. The landlord must ensure the building is properly insured, the mortgage is paid for (if there is a mortgage in place) and the adequate safety and environmental certificates are in place.
What does North Point get out of this?
North Point rents properties to working professional tenants on a room by room basis. North Point may also turn additional living spaces into bedrooms with agreement from the landlord ensuring there is always one living space and kitchen available for tenants. The tenants pay an all in one monthly rent inclusive of bills, we take care of the tenants, pay the landlords guaranteed rent, ensuring all bills are paid leaving whatever is left for our services.
What if I want to sell my property but just not yet?
No problem at all. We can agree a sale price to accommodate both parties, this would be called a lease option for sale. The agreements are still generally around 3-7 years, the landlord will receive the guaranteed rent until the sale is complete. Once we are ready to purchase, we will buy the property at the agreed price anytime between the 3-7 year agreement, giving the landlord plenty of notice.
What happens at the end of the agreement?
At the end of the management agreement, either another agreement is negotiated or the landlord receives their property back in the same or improved condition. Whilst enjoying the hands-off capital appreciation of the property.
There must be a catch?
We get this all of the time and well, there isn’t one. We don’t believe property investing should be difficult for landlords which is why we began our asset management service. We effectively become your tenants, the best tenants possible! We take care of everything and take our fee for our service from our customers, the working professionals, in the form of rent.
I like the sound of this service, where can I get more information?
That’s simple, just fill in the contact form below and we will give you a call to discuss further.