This will offer landlords and managing agents the security and peace of mind that rents will be paid on time, every month, for the duration of the tenancy, regardless of whether or not the tenant pays, according to the company.
Managing director, Bryn Cole explained why, initially, they are only making this product available to existing FCC Paragon customers: “We want to thank our current agents for their continued support in using our services, especially at a time when our competitors were offering free or heavily discounted referencing for new clients of theirs. Happily, our clients recognised our quality and stuck with us knowing that they would receive a first class service and quality referencing.”
For 3% upfront fee or - 3.5% monthly fee, inclusive of VAT, FCC Paragon will pay the rent directly to the agent or landlord, up to the point of vacant possession, even if the tenancy agreement has ended, as long as the warranty remains in place.
Collect and Pay covers rentals of up to £5,000pcm and FCC Paragon will pay up to £50,000 worth of cover for rent arrears and legal expenses following non payment of rent.
This not only protects landlords’ and managing agents’ cash flow but also reduces bank fees for the agent as FCC Paragon will collect the rent directly from the tenant.
Money laundering services are included as standard and, if the tenant should default, eviction of the tenant is also covered. In effect, FCC Paragon does everything, including rent statements, significantly reducing the administration time in dealing with arrears.
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