letting agent offering guaranteed rent

[erica-65]

Hi,
I am a new landlord and am tempted by an agent offering guaranteed rent where they lease my property for 3 years and get tenants who are 'DSS Referrals'. The rental is satisfactory for my needs but I would like any other opinions you may have.
Thanks
Erica

[ram]

Dont do it.
Keep away from this.

It is the arm of the councils homeless departments that need
instant accomodation, andcould see change of tenants every
month / week.
Horror stories of mayhem tenants ( see target group below ) and
flats trashed and small print say £ 250 only paid in damages.

Target Group
Alcohol/ drug problems
Homeless families
Single homeless
Learning disabilities
Mental health
Offenders
Physical or sensory disabilities
Teenage parents
Gypsies/ travellers
People at risk of domestic violence
Young people
Older people
HIV/ Aids

Others may come here and confirm the above.

Don't do it.

R.a.M.

[theartfullodger]

Ask if guarantee is underwritten by a personal guarantee from one of the directors & is it OK to credit check that director (of the agency...).

Methinks guarantee won't be worth the email it;s sent in...


Cheers!

[Alexlandlord]

Me also thinks the small print needs careful reading to date I have never taken the view all facts considered the guarantee was worth it.

It never fails to amaze me how many people rather than read the detail rely on the spin.

[theartfullodger]

Drove through Sale today & passed an agent advertising on his shop front "no risk" guaranteed rent. How trading standards let them get away with it I dunno.

[erica-65]

thank you everyone!
I will be cautious and read the small print. However I also wondered if there is a difference between agents who sublet to DSS referrals and those who claim they will house families (4 bed house). Would it be naive to assume a long term family is probably a safer bet?

[Alexlandlord]

The right long term working family would always be my preferred option.

For the avoidance of doubt you will only know they are right after all tenancy checks on tenant have been carried out.

[erica-65]

I've just had a member of the LA authority come to see whether my 3bed 3 reception house could be taken on as a 4 bed house by their agent. They said it could be so the rent will be more. I just wish there was some way of knowing that the agent will only let to long term families in need of housing by the LA.

[ram]

let to long term families in need of housing by the LA.

The question we all may ask you, is why you are in such a dire
possition, desparate, and hitting rock bottom that you are "tempted"
to consider the WORST possible type of letting.

You ONLY consider housing the people that no one wants to
house, if you are desparate.
Imagine the family from hell, being removed from the "estate"
due to totaly unaceptable behaviour. They all have asbos,
and have to be rehoused.
Oh look, heres a Ericas house, we can put them in there,
and we wont pay for any damage over £ 250.

Or a family of Gypsies/ travellers whose caravan burnt down,
then treat your property as a scrap yard .
The agents can only put people in your house that the council
put forward.

Members on here would probably like to know why ! you are
desparate, and want to put your house at risk.
There are many posts on here about the why you should never
let to the council who put "at risk" people in your house.

See post 2 for the official list of people that WILL be offered
to the letting agent.
You could be lucky with a family, but why take the risk.

if you are a FIRST time landlord, everyone will agree for you
to keep away from this council funded program.

R.a.M.

[Snorkerz]

If you enter into a regular landlord/agent relationship then you have the final choice on the tenants - the agent simply works for you. So if you want a 'long term family' that's your choice.