FAQ'sWhat types of properties do you look for?
We’re looking for any properties, from 1 bed flat to 6+ bed houses. Does the property have to be in a good decorative condition?
No. We can decorate the property to bring it up to our standards, and if it needs further refurbishment we can discuss and agree this with you/the landlord. Would you prefer furnished or unfurnished properties?
We would consider furnished or unfurnished properties. Whether any furniture could be utilised or whether we would ask the Landlord to remove can be discussed when we view the property. Do you pay a deposit?
We do not pay a deposit. Instead of having a deposit sitting in an untouchable bank account for the duration of our long contract (usually 3-5 years), we invest the equivalent amount if not more into the refurbishing and furnishing of the property to a high standard, and we provide a commitment to the full cleaning and reinstatement of the property to the same or higher standard than pre-term. This provides you with a smooth transition back into the rental market without further cost or delays to you. If this is an issue, we are happy to discuss further to find an agreeable solution. Who are your tenants?
We specialise in accommodating the following types of tenants; - Companies looking for accommodation for their staff allocated to projects or to assist with workforce migration for any duration of stay
- Fully vetted working professionals
We don’t allow children or pets, and due to the nature of their work the tenants often work long hours so their time in the property can be quite minimal. Some tenants also only require the property for the working week which again means minimal footfall and therefore less wear and tear. How much rent will the landlords receive?
The offer of monthly rent will be discussed and made following a visit to the property, as each property is considered on its own merit, taking a number of elements into consideration. However, we find that throughout the terms of the contract, the additional cost benefits of the omission of day to day maintenance costs; renewal of contract fees; and decorating costs at the end of the term, results in an overall saving of money to the landlord. Furthermore, receiving guaranteed rent over a number of years; the deletion of concerns about day to day maintenance; the regular professional upkeep of the property; and the return of their property to the same, if not better condition as to when we took it on, results in an additional significant benefit for the landlord, i.e TOTAL PEACE OF MIND FOR YEARS. Do you charge a fee?
No. We do not charge any fees or commissions. It is our job to manage the property – why should we give it to you?
It still will be! We provide a sub management level beneath you, we effectively take on some of your workload whilst you still get your monthly fee from the rental payment. How do you make your money?
We make money by renting the property to individual professional tenants or through businesses requiring accommodation for their staff, providing quality accommodation with flexible length terms. We put in a lot of time, effort and funding into cleaning and looking after the house on a more frequent basis, similar to a hotel. All this allows us to charge higher rent. Is this sub-letting?
No. Orchid Property Solutions Ltd will have a management agreement with the landlord, not an Assured Shorthold Tenancy (AST), and we will not be living there. We will act as an offsite property manager. We would then have ASTs direct with the tenants. The management agreement is fully legal and drawn up by a specialist property lawyer. Our clients already have a contract with us – why would they want to introduce a third party?
We offer 3-5 year contracts and guaranteed rent without voids throughout that period. We will take on the day to day maintenance, and return the property to the same if not better pre-term standard, allowing for a smooth transition for returning to the rental market. The landlord will have peace of mind knowing that their property is being looked after by Orchid with you as the main management team, overseeing that we are adhering to our promises. So the landlord gets increased management and lower risks. What is the landlord responsible for?
The landlord is responsible for the structure and exterior of the property and the heating system, and all should be in good order when we take on the lease. Orchid Property Solutions Ltd will not be liable for repairs to these areas, for example issues with the boiler/leak to the roof. The landlord will also be responsible for the usual legal obligations when letting a property – EPC, gas safety certificate, electrics check, smoke alarms, carbon monoxide alarms, which we know you would have already advised on and arranged. They should also make sure the building is insured, and if they have one, the responsibility for the mortgage is theirs. How do we receive rent payments?
We will set up a standing order to your bank account, so that the rental payments are paid on the same day of each month, every month without fail. What if the tenants don’t pay?
In the unlikely event that our clients don’t pay, then it is our problem to deal with. You/the landlord will be paid the guaranteed rent every month on time regardless of any issues we may have with our clients. Will you carry out inspections?
We will undertake monthly inspections, which would be in addition to any inspections you wish to make. Our cleaners will also visit the property regularly, who will report any concerns to us immediately, however small. This means that any potential issues can be dealt with quickly and efficiently. As a shared household, will there be a lot of wear and tear?
Landlords often have misgivings about potential wear and tear in shared households, and we can understand that concern. However as our clients are all professionals, due to their work commitments they often work long hours so their time in the property can be quite minimal. Some clients also only require the property for the working week which again means minimal footfall. We don’t allow children or pets, and we provide high level maintenance so keep the property in very good order. Therefore for all these reasons, in reality there is usually significantly less wear and tear than from a family. Do we reference the tenants?
You would need to reference Orchid Property Solutions Ltd in order for us to take on any properties, and we can also provide a personal guarantor if required or preferred. The contract would be with us directly, and you would deal with us as you would a normal tenant. We would then undertake reference checks and secure deposits with our clients, as we are responsible for seeking the rent and for any issues that may arise, so we need to make sure that the balance of tenants works/the companies we work with have the same values and responsibilities that we require to reduce any risk. What advantages are there for us?
We provide a sub management level underneath you. If the properties we take on are fully managed by your agency, then we are effectively taking on a large amount of your workload and you still receive your fee each month from the rental payment. Affiliate agencies are assigned a single point of contact for all properties let to us. This allows us to work on your behalf on any problems or issues that might arise which can reduce your administrative costs within your business. We provide a different option for landlords providing long contracts/no voids/guaranteed rent/high level maintenance/commitment to return the property to the same, if not higher pre-term condition. If you don’t currently offer a similar service and we are able to work together, then you have a unique product to offer your landlords. We often require multiple properties in a single area, and therefore want to develop and continue our partnership to deliver high quality service and peace of mind to other landlords.
Please contact us as we are happy to discuss any thoughts, questions or ideas you may have in putting the Orchid option to your current landlords, and in helping to deliver a fantastic comprehensive service. |