Our ethos is to build long term relationships with our Clients.
We are not a sales organisation who's focus is to sell a product and run off, but instead we seek to establish a professional Adviser-Client regular review based relationship, which can only be achieved when we are trusted to provide the right advice and solutions for each case-by-case scenario.
In this real life case study example, we were approached to provide a Rent Guarantee Insurance (RGI) policy, and we started the process and asked the standard questions to establish the current situation. We provided the appropriate enquiry form to be completed by our Client to secure the RGI product, and we then waited for the form, data and replies to be returned so that we can assess the answers and progress accordingly.
We always make sure that everyone knows that each tenant must be referenced, credit checked and all robust due diligence must be carried out before the RGI policy is applied for.
Meerkats and opera singers (portraying themselves as insurance representatives) may not be so transparent..
Having read our enquiry form and also the request for credit checks etc to be properly obtained, our Client has now written to us and said "I ran a credit check on the tenant this morning and it came back with active CCJ (which he claims he was not aware of). Nevertheless I am not proceeding with his application anymore and will not need to put a rent guarantee in place for his tenancy. If I have any other future needs I will happily reach out."
Firstly, let me be absolutely clear - if a policy is bought (maybe because it just looks cheap?) without the proper range of checks and references being secured, and you then want / need to make a claim, the insurance company may not pay out at all. That cheap premium will then simply become a complete waste of money in the first place, because the application criteria had not / could not have been met.
So, on this occasion, our trusted, clear and transparent process, meant that an RGI policy could not be secured for that 'adverse' potential tenant.
RGI will be arranged for the next tenant candidate for that Client (subject to satisfactory checks!) and we all now know and are much more confident that the tenancy will be more secure, the possibility of rent arrears will be reduced, but of course we all live in a 'what if' world, so should a 'prime' tenant's situation change and they default, and your income and property business is at some financial risk, we also know that the Rent Guarantee Insurance plan will pay out because all checks have been properly carried out.
Trust the Adviser-Client relationship, and arrange your RGI with confidence.
For more information on the current 'top ten' range of RGI solutions, click here to see the details.
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