Frequently Asked Questions
| Q: | How does Rent Smart guarantee the landlord's rental income for three months? |
| A: | By having a rental guarantee policy, underwritten by Hollard Insurance, for each landlord portfolio of properties. |
| Q: | If Rent Smart continues to pay my rental if the tenant has breached, how do I as a landlord know when my tenant has defaulted/breached? |
| A: | You will receive notification that the tenant has defaulted and that the eviction is in process. Once the tenant is evicted you will be advised, a new tenant sourced and a new lease entered into. |
| Q: | How often am I notified of the progression of the legal eviction process? |
| A: | At the outset of the legal action and on conclusion of the eviction. |
| Q: | What if the eviction process takes longer than three months and the defaulting tenant has not yet moved out or a new tenant secured? Do I as the landlord then lose rental income? |
| A: | Yes, but experience has taught us that three months is the maximum time needed to evict a tenant and put a new tenant in place. That is why we have negotiated with Hollard to insure this risk period. |
| Q: | How does Rent Smart guarantee the tenant's ability to pay the rental in the case of unforeseen tenant circumstances? |
| A: | Rent Smart also provides the tenant with the opportunity to insure against unforeseen circumstances including death, disability, dread disease or retrenchment. |
| Q: | Will I be able to get full accounting records for my property portfolio? |
| A: | Yes - We have designed the Rent Smart Management System (RSMS © ) to include complete accounting capabilities. Most of the accounting entries are generated automatically e.g. Rental income, Expenses - Levies, Rates etc. The balance e.g. your bond payment will be entered manually. In addition, should you require it, we offer accounting services through our accounting partner. He will assist with complicated accounting entries and assist with completion of tax returns. |
| Q: | What is the cost of the product offering? |
| A: | Rent Smart levies a commission of 12.5% (excl VAT) of the monthly rental income for providing this comprehensive service. |
| Q: | Is it possible to take only parts of the product offering - such as the debit order process but not the rental guarantee? |
| A: | Rent Smart encourages the investor to use the full solution but offers the following alternatives:
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