Here are the most common questions about Rent Guarantee:
- What is Rent Guarantee?
- What does Rent Guarantee offer?
- How much does it cost?
- Who pays for it?
- When can I purchase it?
- As a Landlord, how do I process a claim? / How do I get paid?
- Is the Rent Guarantee Agreement part of the tenancy contract?
- What if I can’t find a tenant after the guarantee period?
- Who is currently using Rent Guarantee?
- How do I get started?
1. What is Rent Guarantee?
What we've learned from our 100,000+ Landlords is that you have to take a big leap of faith to rent one of your most valuable assets. Our reports were created to help with this by finding the right Tenant and our Rent Guarantee takes the next step by making sure the rent is always paid.
2. What does Rent Guarantee offer?
Naborly Rent Guarantee provides you with 80% of the rent for each month your Tenant has not paid. You can guarantee the rent for 6 months of rent and up to $1,000 for re-marketing costs and legal fees associated with eviction.
3. How much does it cost?
4. Who pays for it?
5. When can I purchase it?
6. As a Landlord, how do I process a claim? / How do I get paid?
If a tenant misses a payment, you can initiate the eviction process (we recommend a grace period of 5-7 business days before starting the process). As an example, in Ontario, this happens by sending your Tenant an N4. Once proof of delivery of the N4 is provided to Naborly we pay you 80% of the rent.
If the Tenant continues to not pay rent in month 2, you would need to provide proof that you are moving forward with the eviction (e.g. setting the court date). Once this proof is provided we pay you 80% of the rent. This can continue for up to 12 months depending on your Guarantee. Naborly will provide clear directions on what is required.
7. Is the Rent Guarantee Agreement part of the tenancy contract?
9. Who is currently using Rent Guarantee?
Rent Guarantee programs are really popular in other parts of the world (e.g. the UK and Australia) but haven't been adopted widely yet in Canada. We have started by launching this to our independent Landlord customers and are in Beta with our Enterprise Landlords.
10. How do I get started?
- Screen a potential Tenant and receive a Naborly Report
- Click on the Rent Guarantee button on your Applications dashboard
- Naborly will provide instant quotes tailored to your Tenant and property
- Select the best option for you
- Kick back and relax knowing your rent is guaranteed!