Property management: Hassle-free renting for private landlords
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We spoke to a member of the LetNCC team to find out about their private sector leasing scheme and how private landlords can earn guaranteed monthly rent.
Q: What is a private sector leasing scheme and how does it work?
Set up in 2006, Norwich City Council’s private sector leasing scheme finds homes for people most in need through working with private landlords.
Q: How does a private landlord benefit from joining the scheme?
The main benefit for landlords is that they are guaranteed rent, regardless of whether or not the property is occupied. We may also be able to help if you find yourself in a situation where your tenant is in rent arrears and faces possible eviction. Please call us to discuss.
When you opt into the scheme, we take on full responsibility of managing the property, so you don’t have to. This is great for landlords who have multiple rental properties.
We have a lot of landlords that live abroad, so knowing that we will look after their properties and provide them with rent each month is a weight off their shoulders. All you have to do is collect your income – we do all the hard work for you.
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The scheme is completely risk-free; we take a detailed inventory of the property when it comes on-board and promise to hand it back to you in the condition it was in before, with the exception of fair wear and tear.
See the LetNCC guide for landlords for more information.
Q: Does the scheme affect how much rent the landlord receives?
We will pay you a monthly rent whether the property is let or not. Our rents are reasonable market rent levels, which includes a full property management service, regardless of whether the landlord chooses a repairing or non-repairing lease agreement. We also do not charge any tenancy startup or check out fees.
We will deal with the complete management of the property and will cover the council tax for any void period. The only extra cost would be our 10pc admin fee should you wish us to arrange a repair on your behalf which would be deducted from your rent alongside the repair charge. Any tenant damage would be recharged back to them. Landlords can either opt in to a repairing lease, whereby we arrange these via our contractor, or manage the repairs themselves on a non-repairing lease agreement.
It may seem like managing the property yourself would result in a better income, as you would have control of the rental price. However, we organise moving tenants in and out of the property, you are guaranteed a fixed monthly income with the scheme, and you would have more time on your hands to focus on other responsibilities.
Q: Who do you rent the properties out to?
Some of our tenants are referred to the scheme who have been assessed by our in-house Housing Options team as being threatened with homelessness. However, many of our tenants come from the private sector but may not have the funds to secure further private rented accommodation.
All potential tenants are assessed to make sure they are eligible and that they can manage the rent and responsibility. Many people on the housing option scheme have been known to us for a long time, so we can match them up with the appropriate housing solution.
We carry out regular tenancy inspections to ensure the property is being managed well. This is regardless of whether the landlord chooses to carry out their own repairs. We update the landlords regularly regarding these visits.
Q: Do private landlords need a licence to be a part of the scheme?
There is no licence required, although you will need to present proof of ownership of the property.
Q: How can landlords apply?
Call or email us for an informal chat to help you decide whether you want to progress. Someone would then come out to survey your property and discuss rental value.