Landlords

• Let-Only: 3 weeks rent
• Full Management: 10% rent
• Rent Collection: 5% rent

Scale of Fees for Short Term Lettings (initial term of less than six months):

• Fees for period of initial tenancy agreement: £225
• Additional yearly inspections: £100

Full property management encompasses a wide range of services, including property preparation, tenant sourcing, rent negotiations, legal compliance, property inspections, 24/7 maintenance, and financial administration. The comprehensive package aims to provide landlords with complete support, allowing them to focus on other aspects of property ownership or portfolio growth.

Here are some of the services included in full property management:

• Asset collection such as photography and video tours
• Marketing the property and tenant finding
• Accompanied viewings and rent negotiations
• Tenant referencing and identity verification
• Right to Rent checks and tenancy agreements
• Check-in and check-out procedures and inventories
• 24/7 availability and emergency repairs
• Repairs, refurbishments, and maintenance work
• Rent collection and debt management
• Deposit and claim negotiations
• Point of contact as dedicated property manager
• Utility transfer and property inspections
• Professional cleaning services & upkeep
• Vacant property care

A Guaranteed Rent Scheme (sometimes also known as Rent-to-Rent) entails a contractual agreement between a landlord and a company, an institution, a letting agent, or an individual. For a specified term, the landlord agrees to relinquish their control and management over their property (with conditions & clauses for opt-out) in exchange for a guaranteed rent, monthly.

Thus, that company / institution / letting agent or individual rents the property from you, the landlord, and then sub-lets it to tenants while managing the full process. The tenants have no direct relationship with the landlord, and everything is handled by the ‘main tenant’. It alleviates some of the overwhelming set of responsibilities a landlord has and works very well for:

• New landlords with little or no experience.
• Landlords that are far from their investments.
• Or investors that own several properties, estates, or HMOs where management can become overwhelming.

During the term of the lease, an agent can agree to be responsible for the end-to-end process when it comes to property management. From maintenance, and compliance, to complementary services such as interior design and redecoration.

Here are the top 3 benefits, Guaranteed Rent Schemes provide:

• Guaranteed rent tenanted or not: Based on your contract your rental income is guaranteed regardless of whether there are tenants in the property or not, and whether they have paid their rent or not.
• Regular, stable, cash flow: This ensures regular, predictable cash flow that can be re-invested, and less risk of dealing with arrears, especially in today’s economy where tenant affordability is low.
• Long-term security: If you want long-term security, you can negotiate longer-term contractual agreements.

It all depends on what type of involvement you want to have, and what expertise you might need.

First of all you need to consider expertise; both in the field of property management but also in the area. For example if you’re a landlord with property in London, the market is unique and very fast-paced so it’s recommended you choose a property management agent in London. Also consider the type of property you own. For example new developments or waterside properties require bespoke care so experience and expertise is important.

Second of all, no matter how hands off or how involved you want to be, communication is key. You want your agent to keep you up-to-date with the wellbeing of your asset. It’s an investment nonetheless and you can test that in the early stages of communication.

Last but not least, ensure their commission or fee structure is reasonable and competitive, to ensure you stay profitable.

Managing a property portfolio or an HMO inherently requires some management expertise otherwise it can become very stressful. The aim of having support is to make your life easier while letting you focus on the growth of your portfolio or investing your effort into creating other streams of income.

The ownership, letting and management of a property doesn’t come easy. The tasks are never-ending, and the process requires 24/7 management: viewings, rent negotiations, tenant referencing, agreements, inventories, emergency repairs, refurbishments, rent collection, debt management, taxes, and safety regulations…to name a few. Some landlords see rental management as a blessing and are grateful for the minimal involvement, whereas others see the lack of control as a problem.

The cost of the service is what makes landlords question if they can pull off self-management. Your perception of value for money is what makes it worth it. There are of course also financial benefits to property support such as rent collection and rent protection. This can provide you with financial security and peace of mind.

After signing a lease contract, Wextons become the landlord of the property and the owner becomes the superior landlord. 

Wextons are responsible for compliance Gas, Electricity & EPC. The property owner is responsible for Property Licensing.

The short answer to ‘will there be a rent increase during the contract?’  is no – the rent remains the same for the duration of the term.

Letting the property, tenant handling, ensuring the property is compliant, addressing repairs and rent collection.

In the event tenant stops paying rent this becomes Wextons liability and not the landlords. The landlord still gets paid regardless of whether we get paid or not.

Wextons pays for the internal expenses for repairs of the property:  plumbing & drains , hot water & heating, general maintenance and white goods. 

We train using industry specific courses and accreditations to stay regulated and up to date, and are also part of NRLA (National Residential Landlords Association).