Are you estate agents?
No, we are not an estate agency - we are property management team who take care of your property, maintenance, utilities and tenants.
What are Redbrick Homes responsible for?
We are responsible for paying you the set monthly rental fee each month. We fill the house with our professional tenants, we ensure all of the utilities and council tax are paid; we hire a cleaner and a gardener (where applicable) to watch over the property and take care of the communal areas. We are the first port of call for the tenants if they have any problems. We act as the landlord and take over all of the landlord responsibilities so that you don’t have to worry about any of it.
Because our tenants expect the highest quality and standards we generally need to spend money up-front in order to make the house suitable. There will be no cost to you for any interior upgrade work, decoration or furniture.
Will I still make the same amount of money as usual?
Yes! You tell us how much you want to get paid! We generally pay about the same amount of money, as you would earn if you were to let your property normally and we guarantee payment every month. The exact monthly amount and the time period will be agreed between us.
How much will you pay me each month?
This depends on the type of house and number of rooms but we typically pay the approximate asking price for the property as a whole. You then receive the agreed amount each month for the duration of the period, guaranteed. With no voids or hassle. In return we then rent the property to carefully selected and vetted professional tenants, and take on all the risk and responsibility for managing it.
Am I responsible for anything at all?
As a landlord, you will need to make sure the exterior/structure of the building is sound. Redbrick Homes is not liable for repairs to these parts of the home (for example, roof tiles and structural soundness). As a responsible landlord, you should make sure the building is insured with the appropriate HMO landlord product, and that you have adequate safety and environmental certificates in place (e.g. Gas safety, Electrical Safety, EPC). Finally, if you have one, it is your responsibility to look after your own mortgage.
Is this sub-letting?
No. We do not have an Assured Shorthold Tenancy (AST) with you, the owner of the property. The AST is the contract that disallows sub-letting and is not appropriate in this situation. The contract that we use has been drawn up by a solicitor specifically for these types of arrangements.
How do Redbrick Homes make money?
Unlike estate agents – we do not charge you any fees or commissions. We earn our commission from the tenant that we put in to the house. Because we work with local companies to rent to their professional employees and provide quality housing with flexible length terms and professional services, we are able to receive a mark-up on the monthly rent.
When do I start receiving the rent?
As soon as the contract is signed and we have the keys. No matter how long it takes us to find the right tenants.
What if my house needs refurbishing?
We understand that some houses may need some refurbishing or modernisation. Because our tenants demand a high quality accommodation, we upgrade the property, ensuring it complies with all modern safety and legal requirements - free of charge. We don’t ask for this money back and promise to return the property at the end of the term in an equivalent original state, or better.
What’s the catch?
You may be thinking to yourself, what’s the catch? Well, there isn’t one. We effectively become your tenants. We then let the property, taking care to find the right kind of professional tenants and take care of all the on-going management. All of our tenants are carefully selected and vetted because if they don’t pay, or damage the property, we take the financial hit.