You would sign a Stayable Ltd Management Agreement which generally lasts 1, 3 or 5 years. During this period we would take over the management of your property and we would agree upon a guaranteed rent that we would pay you each and every month in full during the length of the agreement. You can be happy in the knowledge that your property is let whilst we do all the hard work for you.
What if the property has any voids or vacancies during our agreement?
If the property has any voids or becomes vacant at any time during the full length of the agreement, you will still receive 100% of the agreed rent. You will receive the agreed rent whether the property is vacant or not. You will always receive an income from us.
What If my property needs updating or refurbishing?
In most cases, we will cover the costs if we feel the property needs updating or refurbishing, we will also cover costs to add new furniture and dress the property ready for use. There will be little cost and no hassle for you as we will arrange everything.
What responsibilities would I have if I were to go ahead with the agreement?
As the Owner and Landlord you would have the responsibility for the structure and exterior of the property. You will also be required to ensure the building is properly insured. You will also be required to look after your own mortgage if you have one, and lastly it will be your responsibility to ensure you have adequate safety and environmental certificates in place, much as you do already.
What happens at the end of the Agreement with Stayable Ltd?
Once the Agreement period is up, the property will go back to you and our management agreement will end. Your property will have been well maintained and any updating or refurbishment work we had completed during the agreement will be yours and will have added extra value to your property. We could also look into renewing the agreement if you wish to continue with the hands free approach.
How would this Agreement benefit me?
– You will receive a guaranteed rent each and every month for the duration of the agreement with no worries about void periods
– We will invite guests to stay and ensure they are vetted, no cost too you we will arrange everything
– You wont have to deal with tenants or guests, we will manage this for you. No more calls at random times requesting a light bulb change!
– We will maintain the property for the duration of the agreement at no cost to you
– You get a completely hands free, hassle free and worry free approach
– You will get the property back at the end of the agreement in the same state or better
– Once the length of the agreement is over you still receive the equity, great for your future
– You have the option to renew the length of the agreement when it comes to an end
How does this agreement benefit Stayable Ltd?
Stayable Ltd would have the opportunity to provide top quality accommodation with exceptional service and care to businesses in the local area, and to guests who have stayed in one of our other properties in the past. We focus on the professional market, building relationships with local businesses who may need accommodation for employees on a short term basis, working individuals and visitors to the area on a short term basis. We would look after the property to showroom standard, allowing us to earn a higher rental income, ensuring all of the property’s bills are covered and leaving some profit for Stayable Ltd after everything has been covered. Stayable Ltd specialise in short term rental properties and own manage properties in The Cotswolds, Worcestershire and Sheffield. We also provide educational resources and produce a Podcast available in the Itunes store to others looking to understand how to provide an exceptional experience to guests staying on a short term basis. You can listen to the podcast here.
Can you explain about how rent to buy works?
Rent to Buy is very similar to the agreement outlined above, however Stayable Ltd would have the option to buy the property from you in the future. Normally the agreed term of this agreement would be between 5-7 years. Within this time period we would still offer you a fixed guaranteed rent each and every month in full, covering your mortgage, if you have one and giving you profit on top. We could then buy the property from you at a fixed price agreed upon at the start of the agreement, during any time between the 5-7 year agreement, of course giving you plenty of notice, which is usually 6 months.