HOP will offer a brand-new Premium Advance Service, where landlords can receive their 12-months’ rent up front, even if their tenants pay monthly.
Landlords receive the lump sum in advance, minus HOP’s management and letting agency fees, once the tenant has signed the tenancy agreement and paid their first month’s rent.
"It allows landlords to unlock the potential in their portfolio, giving them a significant lump sum in advance to re-invest as they see fit – whether it’s a new buy to let property or refurbishment works to maximise existing investments.
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“The biggest problem residential landlords can face is tenants not paying their rent in full and on time, and our Premium Advance Service completely eradicates this risk.
Our lettings team currently manages one of the largest residential rental portfolios in Leeds and we’re very excited to be the first and only estate agent in the city offering this unique service.
“Funds are transferred directly to the landlord, as a single lump sum as soon as the tenant completes the tenancy process. The rent is then collected monthly from the tenant over the year and is also fully protected under a rent guarantee.
“Advanced rent is already proving popular with all types of landlords in other cities, and particularly those in the student market, who have faced 18 months of uncertainty due to Covid, the evictions ban and many students deferring university.
"The fact that a whole year’s worth of rent can now be paid in advance offers security, peace of mind, convenience and financial freedom, is immediately changing the way landlords and investors are viewing their investments.”