The product provides two months’ rental against possible tenant default or late payment, ensuring consistent and de-risked collection for agencies and the huge benefit of peace of mind to landlords who take out this cover.
How does it work?
Landlords opt-in for the Rental Guarantee and tenants are vetted by reOS to confirm their qualification status.
A small % of rent is paid by the landlord each month and is deducted from rental collected and paid out - pricing coming soon.
Should a tenant default on her rental payment, a landlord will be paid for that month’s rental regardless, for a consecutive period of up to two months.
During this period of default, standard lease cancellation processes are followed in order to quickly find a new tenant and protect the landlord’s flow of monthly rental income.
What is the benefit of Rental Guarantee?
Tenants in the current economy do struggle from time to time to make payment as it becomes due, or indeed may fall into harder times and stop paying altogether. reOS provides a Rental Guarantee to protect landlord income, and smooth over the otherwise unpredictable nature of timing of collections.
What does my agency do?
Agencies provide their clients with access to the product at the start or renewal of a lease.
Agencies rely on reOS to collect rental as well as the fees for the product and to pay out rental due to the landlord, whether or not the tenant has paid.
Rental paid to the agency from reOS is then paid out to the landlord client on time, every month.
Who pays for Rental Guarantee?
Typically landlords pay for this product out of their rental each month. reOS also provides an opportunity for agencies to absorb this cost and offer the product for free to their clients.