08 Apr Suiteplace Property services – Landlords FAQ
Suiteplace provides a hands off property management service for landlords but.. without the fees! We also cover maintenance, provide professional cleaning and keep your property to show room condition.
We regularly get asked ‘So what’s the catch?’
There’s no catch but we’ve provided a list of frequently asked questions about our services.
FAQ by Landlords
How does it work for landlords?
We effectively become your tenant, guaranteeing your rent for a period of time (typically 2-5 years). We then re-purpose the property into short term accommodation for business and leisure travelers . You will continue to receive the agreed rent even if the property is unoccupied. It’s also in our interest to keep your property in showroom condition and well maintained otherwise clients will not stay with us.
How long is the contract?
This is dependent on every landlord but we typically offer contracts anywhere between 2-5 years as our services are more suitable for landlords looking for longer term stability. Contracts can be renewed or extended if both parties are happy.
What areas do you cover?
We are based in Chelmsford, Essex and cover the surrounding areas. However, we are open to working with other landlords across the UK.
Why should I trust you?
It’s in our interest to maintain properties to a high standard so we can attract the best kind of guests and achieve great occupancy.
We’re landlords too! Being a member of the NRLA we know what a landlord should expect from a tenant.
Why should I choose you over a traditional letting agent?
We have an incentive to take care of your property like it’s our own, otherwise guests will not stay with us. There are no fees, we cover maintenance and you can be sure your property will have our full attention with regular inspections. Just look at our reviews from our landlords and guests Landlord and guest reviews
How will you take care of my property?
For the duration of our agreement the property will be regularly cleaned and well maintained by our trusted housekeeping team to keep your property in showroom condition. In addition, we take an up front deposit guests staying with us to cover the cost of potential damages. The deposit is held for 3 days after the checkout to give our housekeeping team time to report the condition of the property. You can be sure the property will be handed back in the same condition if not better.
What’s the benefit of guaranteed rent for landlords?
The rent agreed is the rent you’ll get. No void periods or fees to pay, giving you certainty of rental income and allowing you to plan effectively. There’s also no need to deal with the tenants or worry about evictions. Every landlord is different so we can be flexible with payment dates, start dates and length of contracts (typically 2 years onwards). You can look at our key benefits for landlords here – Guaranteed Rent in Chelmsford – Landlords – Suiteplace.
How can you guarantee my rent?
Suiteplace carries out research in advance to confirm if there’s significant demand for our services. In addition, our diversified business model means we have a balanced portfolio. So if any part of our portfolio is underperforming we will have the cash reserves to guarantee your rent. Above all, people are becoming increasingly aware of the services we offer and choosing to stay with us rather than hotels.
Is this for me?
Finding the right property management service for you depends on your risk appetite and how hands on you want to be. Our guaranteed rent service best suits landlords who want financial certainty and a hands off experience.
How does this compare with other guaranteed rent services for landlords?
There are a number of different Guaranteed Rent services on the market. Essentially, there are four different models.
1. Our Rent service
2. Letting agents rent guarantee service
3. Guaranteed Rent protection insurance
4. Agents acting on behalf of a local council
It’s important for any landlord to understand exactly what’s being guaranteed by the respective services. So why are we different? Most importantly, we offer the market value rent compared to others who offer slightly lower. In addition, we will keep your property in showroom condition as it’s in our interest to do so.
Sounds too good to be true still.
Many people ask us how we make our money, especially when we don’t charge set up fees or commission.
The answer is simple.
We pay you the market value rent and use the property to accommodate people travelling for work or leisure. We specialise in providing high quality accommodation and charge a premium for our services. With our strict processes and procedures we’re comfortable with taking on all the risk and responsibilities for managing your property.
You will be generating more rental income with us than you would if you decided to use a traditional lettings service. For example, see the below illustration:
After you consider all the above costs there’s a net difference of £2,400 per year. That is quite a significant amount!
I hope that explains our services clearly! You can visit our designated page for landlords – Guaranteed Rent – Suiteplace.
If you have any questions please reach out:
Phone: 01245 944564