We might have heard the word “Guaranteed rent” while renting the property. This Guaranteed rent will be more beneficial to the property owners and Landlords.

What is a guaranteed rent?

There should be a contract between the landlord and their respective properties, whether these are occupied or not. These contracts can last for either a year or 5-10 years.

During this period, the property owner will collect rent at an appropriate cost through rental management.

So, let’s get into the blog to learn in-depth about how Guaranteed Rent works and how it benefits property owners.

A Small Brief about the Guaranteed Rent

Guaranteed Rent Service

Collecting rent from multiple properties in different locations can be a time-consuming task. Property owners can opt for a fixed rate offered by property management services to save time and effort. This simplifies the process of rent collection and ensures a hassle-free experience.

The plan is to keep the rents constant whether the properties are occupied. This is a contract-based service; hence, according to that contract, the rental management should pay the rent of the properties to the owner.
There are several ways to start the rental business to generate more income.

Also Read: How Rental Management Services Work.

Working on the Guaranteed Rent

The Contract Between the Rental Property

Guaranteed rent is an agreement or a contract between the rental property and the property owner. The third party also will receive the monetary requirements of the respective property.

They Will Give Mutual Benefits to the Owner

The main objective of the Guaranteed rents is to provide protection and security for both the owner and the tenant. If a tenant cannot meet the owners’ requirements, these owners will get a guarantee for rent, which will be negotiated and given mutually to each other.

Maintenance Costs Will Be Taken Care Of By The Rental Management

If the property is empty, it will be a significant complication to the owners, as it is a big nightmare for getting the rent and collection. Another more substantial advantage of the guaranteed rents is that the Rental management services will cover the electricity, gas price and maintenance costs until the new tenant moves into the property.

Damages Will Be Covered

If any damages have occurred by the tenants, or the tenants stop paying the rent to the owners after a specific time, it will be a significant burden. To compensate for that, the rental management will bear all these expenses to the property owners.

They Are Responsible For Taking Care Of The Properties

Until screening the next tenants for moving into the new property, the guaranteed rents will also include the costs for cleaning the house, like mopping, cleaning every room, and even repainting the walls if there are any damages and breakages. The rental management system will bear the expenses.

Guaranteed Rental Services Will Provide More Security.

Whether the property is occupied or not, we are making your property more visually appealing. We will also add more security features such as appointing security guards and CCTV cameras, installing the fire alarms, fixing the modular kitchen and making the rooms more furnished.

They Will Be Responsible For Bearing The Expenses In Cases Of Disasters.

The guaranteed rental systems will also have the rental insurance services. It will be helpful during disasters and the loss of income, etc. But these services will not bear the water damages, other fittings, pipes breakage, etc.

What Are The Requirements Of Guaranteed Rents For The House?

It must be done with a sudden to achieve the guaranteed rents for the respective properties.

There should be some formalities and documentation for signing these documents.

  • The agreement for the tenancy should be signed clearly.
  • Employment proof of the tenants.
  • Collection of rent for one month in advance.
  • The rental agencies should verify the Complete tenant reference.
  • Monthly records for paying the rent to the owners.
  • The Agreement or Contract for Guaranteed rents.

Hence, these documents should have clear records to be easily accessible and bring clear views and proof for giving the guaranteed rents to the owners.

End Thoughts

As the work and living culture are uncertain as the working location may be relocated, the people living in the rental houses will have to leave. So, there will be no rents paid to the respective owners. Guaranteed rent compensates the owner’s payment and takes responsibility for looking after the properties to solve this headache.

Eazyliv promises that the rent will be given regularly to the tenants, as we are one of the leading.
Guaranteed Rent Services in Chennai. We are here to fill the gap between the tenant’s rent and the property owner’s without any hassles. Our services have dedicated services such as property management, rental management and legal formalities.

Choose Eazyliv for the hassle-free maintenance of your houses!