A partnership between Belvoir and Let Alliance has resulted in 10,000 rent guarantees – and a trip to New York for those who topped the leader board.
Business owners from Lincoln, Milton Keynes, Northwich & Congleton, Peterborough and Warrington enjoyed a weekend trip courtesy of Let Alliance.
Belvoir engaged Let Alliance 18 months ago to deliver a proposition that would assist in replacing lost income after the tenant fee ban.
The resulting ‘Fit for the Future’ programme includes tenant referencing, a replacement deposit scheme, rent guarantee, and landlords and tenants insurances.
Belvoir CEO Dorian Gonsalves said: “Working with Let Alliance is making a real difference to the service we are able to offer to landlords and tenants.
“The lettings market is changing, and together Belvoir and Let Alliance have responded.
“We are becoming much more tenant centric, and in a world where tenants are exempt from fees, it is crucial that we are able to offer them products and services that they want and value. Let Alliance provides exactly what we need to do this.”
Andy Halstead, CEO at Let Alliance, said: “Working with the Belvoir Group allows us to develop products and services that work on a large scale.
“The collective power of Belvoir, Newton Fallowell and Northwood is significant in an otherwise fragmented market place.
“10,000 rent guarantees is just the first benchmark achieved and I am confident this number will rise to 30,000 by the end of 2019.”
Comments (3)
On average, outside of London, professional letting agent generate £350.00 per property each year if the full Let Alliance package is implemented. The average in London is higher, around £600.00 per property each year.
We find that a high percentage of tenants do want to take advantage of our Nil Deposit scheme, linked to tenants liability insurance, tenants contents insurance and tenants income protection. Our tenants package helps individuals and families reduce the risks when renting a home, all provided on a nil excess basis.
Landlords certainly do value rent guarantee and legal protection, especially when we pay claims without any excesses and rents when they fall due rather than waiting 30 days. Landlords also value our nil excess buildings & contents insurance.
Let Alliance works exclusively with letting agents, we help to manage risks, keep landlords and tenants happy and generate as much income as possible for agents. The market is challenging and it will get more so in the future, giving up is not an option for us, or our customers. Game on!
In real terms – what income can be generated from successfully selling all of the products to a Landlord/tenant ?
I am sure it will be a fraction of the income generated from the tenant fees and thus many agents will again be hit hard following the tenant fee ban. I think few agents will be able to pass this increase onto Landlords.
“We are becoming much more tenant centric, and in a world where tenants are exempt from fees, it is crucial that we are able to offer them products and services that they want and value”……..
So how is flogging landlords 10,000 rent guarantees becoming more tenant centric? And, what are these products and services they’re clamouring over; the article says, referencing, insurance and deposit replacement but tenants don’t want or value referencing, don’t want or value insurance, these are landlord/agent requirements. Admittedly, If they’re stupid they might prefer to have deposit replacement but the majority of tenants simply want a nice property that meets their needs/budget and not too much hassle along the way to getting it.
All this BS about ‘making a real difference’ is just Spin from a company that – rightly – is concerned about the dark days ahead for the lettings industry.