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Rent protection for 2019

Thursday 14 March 2019

This year is no doubt likely to be challenging for many agents. So, we caught up with Propertymark Industry Supplier, Tenant Shop, to talk about how they can help you through the next 12 months.

Tenant Shop has been working with Letting Agents for over ten years, providing an award-winning utility management service via our technology platform, SULU. Our core offering includes services for agents: notifications to council and utility suppliers and account management to help resolve billing queries. We also offer services to your tenants: reducing bills with choice of market energy switching, exclusive media deals from Sky, Virgin Media and TalkTalk and a range of insurance products.

This year we have added a unique void solution to our portfolio and most recently we have worked closely with our insurance partner Paymentshield to design a Rent Protection Insurance policy for Letting Agents and Landlords to meet some of the challenges in the rental sector in 2019. 

With the new fees ban coming into effect in 2019 there is even more of a need for Letting Agents to focus on business efficiency, reduce administration costs and introduce new revenue streams. Managing cashflow will also become a factor.

With this in mind we have developed a new Rent Protection policy with Paymentshield that includes the following features:-

  • A monthly payment option
  • A minimum requirement of a clear credit check showing no adverse data for the previous three years
  • Referencing not tied to one referencing provider; in fact letting agents can complete their referencing in house if they choose to, but would still need to meet the other criteria of the policy
  • The Insurer will serve Section 8 & 21 notices to ensure the correct standards are adhered to, helping reduce the administration workload
  • £100,000 of legal expenses protection
  • A 24-hour legal advice line

These features come coupled (at no additional charge) with the normal features expected of a comprehensive Rent Protection policy:

  • Rent protected up to £15,000 per calendar month
  • 75 per cent of the rent payable for two months after vacant possession has been gained
  • A choice of six or 12-month policies
  • The option for Letting Agents to take out policies in their own name (as part of a managed service) or refer landlords to Tenant Shop so that they may purchase Rent Protection directly

If you would like to discuss the details of our new Rent Protection policy, or other services, further to understand the full details of what is covered and what is not, please contact our New Business Development team on 0203 823 9353 or email Alternatively, please visit us at the ARLA national conference on 2 April at London’s ExCeL.