Different landlords have different appetites for risk. There are a range of different measures available to minimise the amount of financial risk you're exposed to as a landlord. Here are the most effective steps you can make to protect yourself from lost rent and damage.
The majority of landlords choose to reference their tenants before allowing them to move into their properties. This allows you to check your tenants' income, credit history, and lettings history to ensure you can make an informed decision.
Rent Guarantee Insurance (RGI)
Where your tenants pass referencing, you can insure your tenancy to make sure you are covered for all rent up to £3,000 pcm and legal expenses up to £25,000.
If you want this cover, it will be available to purchase once your tenants have been successfully referenced.
Most landlords take around 1 month to 6 weeks' rent as a deposit, to make sure they are covered for any problems with the tenant.
As part of Rent Now service, we set up a legally-binding tenancy for you. That includes registering the deposit with the government-backed Deposit Protection Service (DPS) on your behalf. This ensures that all your legal requirements are met, and, if a dispute arises, the DPS offer an independent resolution service.
In the event of any problems, OpenRent has legal partners who can offer help and advice on a free no-obligation helpline.
If you are ready to list a property and get 5 days free advertising on Rightmove and Zoopla as a new landlord, you can get started via our easy online form.