Hello there Instahome Landlords!
Why does Instahome do this?
- These guarantees are designed to give you a peace of mind from tenant's late rental payment or tenant default.
- We want to find you good quality tenants. Therefore, we check and vet every single one of our tenants before accepting and recommending them to you. We put the tenants through an extensive credit scoring process, checking their CTOS reports, CCRIS reports and even psychometric data based on how they interact with our platform.
- Since launch, we have rejected 20% of all tenants that have asked to rent a property with us because their profile does not match the standard we believe you deserve.
Similarities between On-Time Guarantee and Default Guarantee
- Hate it when tenants pay you rent late? Worry no more, Instahome will pay it to you at a fixed date every single month, and we will help you do all necessary follow ups for the rent.
- Stressed out and worried if tenant defaults on your payment? If your tenant ever runs away and defaults, we will provide you with one month worth of rent as a protection.
- This service cost only 5% of your monthly rent, and it will be deducted from the tenant's monthly rent.
- Both guarantees will be included in tenancy agreement and agreed by both landlord and tenant upon signing.
Differences between On-Time Guarantee and Default Guarantee
- On-Time Guarantee allows you as landlord to receive tenant's rent on the same day every month, so you do not need to worry about following up with the tenant.
- Default Guarantee allows you to receive a one-month rental guarantee in rare cases where the tenant has defaulted or run away.
Learn more here
We hope this simple blog post helped to answer your questions.
If you have any more queries, do check the links below or talk to us here.