Latest News

Propertymark's predictions for 2019

14 December 2018

Last week, we took a look back at 2018 and analysed how the market has changed over the last 12 months, but today we're peeking into our crystal ball, to see what's to come in 2019. Read More...

Propertymark Protected agency launches its 2020 green vision campaign

13 December 2018

ARLA Propertymark Protected Newton Property, one of Scotland’s leading lettings companies, has this week launched its national 2020 Green Energy Vision campaign helping Scotland embrace a more sustainable, environmentally-friendly future. Read More...

Double-edged sword as cost of student lets rises

10 December 2018

Universities across the UK have seen student numbers escalate over recent years and they had to turn to the private sector to help ensure supply of accommodation. According to a report released last week by Unipol and National Union of Students (NUS), this has been a double-edged sword, bringing both benefits to students, and cost implications. Read More...

How can you help protect your rental income?

Tuesday 05 June 2018

Mitigating risk as a letting agent or landlord is key, but when job cuts are taking place at major companies such as Marks and Spencer, Tesco and BT the risk of tenant defaults is creeping up.

A recent report suggested that more than 5 million working tenants are at risk of not being able to pay their rent if they lost their job.

Ensuring the right tenants are in place who won’t default is not that straightforward. Whilst tenants may not want to default, the choice maybe out of their hands if they suddenly lose their job.

With Brexit getting ever closer the unknowns are growing. Whilst there are some loose agreements around EU nationals there is no real public detail on what this looks like. Add to this the uncertainly of whether it will be a hard Brexit or what the trade deal looks like and the storm clouds are gathering for businesses. Whilst some businesses may thrive post Brexit others may falter and sadly make job cuts or ultimately go under. The impact on tenants is unknown, but there is a way to mitigate the risk and protect the rent.

A full referencing service from Vouch in conjunction with a rent guarantee product goes a long way to protecting the rental income. Vouch have teamed up with chartered insurance broker Alan Boswell Group to offer a range of rent protection insurance products. The range of products covers monthly rents up to £7,500 in the event of a tenant default . There is also cover for legal costs in the unfortunate event a tenant needs to be evicted.

The products Vouch have designed in conjunction with Alan Boswell Group allow Letting Agents to take out the policy and provide the cover as part of their management service. Alternatively they can showcase the range of options to their landlords and provide added value.

At a tiny fraction of the annual rent, the insurance cover is there to provide a safety net in the event a tenant defaults, whether intended or not. From just £75 you can save your clients £1000s. Tenant arrears are still fairly infrequent, but would you risk it!