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I have seen the adverts for Northwoods and read up about their Guaranteed Rent scheme.Has anyone/does anyone currently deal with them? How are they finding them?Also, I read that Northwoods offer you less than the going rate for your property...but does anyone know roughly how much less? e.g. 5/10/15/20% etc?I am currently in the early stages of buying a property I plan to rent out and wanted to roughly work out how much I could expect from Northwood. The property was previously rented out at £650 and I know a good estate agent who would charge 8% for managing the property.
HI LL123,Northwood is the UK's original and longest running Guaranteed Rent service and has over 13,000 landlords using it.The best thing to do is to contact your local office and ask for a GR appraisal. Each GR offer is entirely bespoke to the property and the area.When we first bought our 4 bed house in High Wycombe about 11 years ago, I used the GR scheme for about 2 years and had no problem. The rent was about 12% less than market value from what I can recall.Hope that helps?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I have been using them since July. I have found them to be thoroughly professional, and I would highly recommend them. Happy to answer any questions you might have. My property is in Preston.
By the way, the difference in rent between the GR scheme and the standard arrangement was only about £40 per month, so for me it was a no-brainer. Yes, I'm taking less than I could, but I don't have the usual headaches, and because the property is 300 miles away,I also know there's someone on hand if there's a problem (the house has had 2 roof leaks since it was rented, can you believe that?). I also bought my insurance through Northwood, and the cover is excellent for the price. I think it's a 'horses for courses' thing really. For me, being my first property, I just didn't want any hassle. Northwood have made it very easy for me, so I take home a little less each month, but I have no mortgage, so it's still a very decent return.
They quoted me £900 pcm for a property in Leeds that I could get £1,300 for. I can't afford to take that hit.
When you factor in voids, some people think it's worth it. It's really for landlords who want a "let and forget" option.
That's exactly why I did it. I can't say I've been able to 'forget' as there have been some teething problems (with the property, not the agent), but it's been a lot less of a worry in so many other ways. The money just lands in my bank account on the same day each month.
They quoted me around 1350 for a property that easily get 1650 (at the time it was getting 1800 but the market in SW London has softened quite a lot in the past 15-18 months). The longest void we have ever had there is 7 days but that's only because we were a bit slow with the marketing after doing some light renovations (new carpets and re-paint).
Perhaps Northwoods could comment but when I looked into this a couple of years ago it all sounded great until I asked what or whom underwrote the guarantee: The agency came the reply - Oh, just your office? I asked - Yes, we are a franchise and operate as just us. And if you go bust? Oh, Northwoods would probably take us over & keep paying? OK, is that in the agreement & can you send me a copy by email please? Nope, not in the agreement, if you want to see a copy come visit us.. (bit secretive..)..
Perhaps Mssrs Northwoods will kindly point us to the terms of their guarantee by way of a link. I'm sure there's nothing to hide.
(At some point, quite possibly brexsh*t related, there will be a property slump and quite a few letting agents will go under: Guaranteed, just can't tell you when.)
Best wishes to all including those who disagree.
As all Northwood offices have client money protection, no landlord would lose out if any office went bust.
client money protection is relevant to "client money" (i.e. money they have received on your behalf), not the guarantee amount (which is an principal obligation of the relevant local franchise, it seems).