Find below the most asked questions. If you can’t find your answer, please get in touch with us.
King of Lettings is in the business of taking out long-term leases with landlords and turning them into accommodations for professionals who work for big corporations. The service we provide adds value to your property due to upgrades, ongoing maintenance and effective management. You will be free from dealing with estate agents and tenant issues.
Throughout our lease we pay you an agreed upon rent every month whether or not the property is occupied. We take care of all the maintenance inside and out. When there are tenant issues, we take the call at midnight complaining of no heat. We find the tenants, make sure they qualify for the rent, keep their homes clean on a weekly basis, collect the rent and do everything you would have to do if not for King of Lettings. We’re your ideal tenant, in a manner of speaking.
Our money is made on the difference between what we pay you in rent and what we charge the tenants or their companies. Those we rent to are willing to pay more in rent due to the amenities we provide, including weekly cleaners and utilities. Some maintenance costs must be passed on however, which is discussed below.
We have quite a bit of exposure online through our website and other online venues. We also advertise in print media and receive a constant stream of referrals from previous tenants as well as from current residents.
During the screening process we will contact references from employers and former landlords and those certainly play a part. But if we don’t have a good feeling about a prospective tenant, we will not accept them no matter how good their references are.
If you own any of these types of properties and you’re tired of dealing with vacancies, tenants, repairs and upkeep on a daily basis, you may want to consider using King of Lettings.
We prefer to pay via direct deposit on the tenth of the month. If you have other arrangements in mind, just ask.
If a resident is locked out or loses their keys we will get the call and will promptly take care of the situation. This relieves you of the responsibility of handling calls in the middle of the night when a tenant has a problem. King of Lettings is your only tenant and will take care of managing the property for you on a daily basis. This is to your benefit.
If and when a tenant fails to pay their rent or pays late, it is up to us to deal with them. It isn’t your problem.
Because we are your tenant, we will continue to pay you the full amount of rent every single month, whether or not your property is fully occupied.
If anything happens to your property that is caused by one of our residents we will take care of the problem and cover the cost of the repair.
If something happens that exceeds our responsibility, like the boiler breaking down, we will contact you immediately to discuss everything suggesting options for taking care of the problem.
Regarding the tenants, they usually sign a 6-month rental agreement, and if they wish to extend we usually allow them to. Our average tenant stays for 12 months, so our turnover rate is manageable. On occasion we may allow for a shorter tenancy if someone is on a short-term work contract. But overall, we prefer long-term residents who will enjoy a close relationship with others in the household.
And remember that we have cleaners coming every week and they always let us know if there is anything to be concerned about. When we get a report, we act immediately to rectify the situation. When any staff member of King of Lettings visits a property they carry out an informal inspection. These occur on a regular basis, as gas meters need checking and so on.
If you would like to make periodic inspections of your property we can certainly organise the arrangements. We want you to have every confidence that we are managing your property with the utmost care.
As property manager, we’ll do most of the work. For all the usual upkeep, wear and tear we employ a maintenance man full-time and he is fully capable of handling anything that comes up of this nature.
You will always receive a quote on anything needing to be done before we carry out any work. We will arrange for the workmen to gain access to the premises so you do not have to be bothered.
If you have any other tradesmen or contractors that you’ve been using we are certainly happy to allow them to carry on taking care of things when they occur on your property as long as they are legally certified to do so and carry the required insurance.
We are not in the business of playing games so will not offer below market value. If you have something unrealistic in mind it is better that you deal with a local estate agent. We will not try to renegotiate mid-lease and do not have any break clauses in our agreement. We are extremely diligent when determining what to offer, making sure the amount makes good sense for King of Letting and for you as well.
That being said, we are very clear on what kinds of properties we want to undertake which allows us to make a fair offer within 24 hours of seeing your property. Our offer will stand and be honored for a period of three years.
We will do our best to find qualified tenants quickly, but you will receive your full rent on time every month whether or not your property is fully occupied.
This is the main advantage for a landlord in signing a long-term agreement.
Since we have waived our “security of tenure” there shouldn’t be a problem. However it would be best for you to receive written authorisation from your lending institution before signing our agreement. We can provide you with the necessary documentation required by your lender with a copy of our contract, which will address their concerns.