FREQUENTY ASKED QUESTIONS
How Does It Work?
Welcome to the Pareto Properties FAQ page. We have pulled some of the most frequently asked questions from our users and compiled them all into one place. Perhaps you may have the same question that was on somebody else’s mind - here you will find what you are looking for. Should you have any other questions that we may have missed, do not hesitate to reach out. We are here to help you.
WHERE DOES THE NAME PARETO PROPERTIES COME FROM?
As students of economics, we chose the name Pareto Properties since it is aligned with one of our core aims - to ensure every property transaction we enter into is a WIN-WIN for all parties.
To quote from the wonderful Wikipedia: Pareto efficiency or Pareto optimality is a state of allocation of resources from which it is impossible to reallocate so as to make any one individual or preference criterion better off without making at least one individual or preference criterion worse off.
In other words, we aim to reach an agreement with you that is optimal for all parties. A WIN-WIN.
Contact us today to see how we can achieve this together.
HOW DO YOU GUARANTEE THE CONDITION OF THE PROPERTY?
We carefully vet our tenants and ensure that only those who we would have in our own homes are placed in your property.
Regular inspections, either by ourselves or a member of our cleaning and gardening teams, also mean that any issues not reported by the tenants directly are picked up and taken care of in good time.
Lastly, since we guarantee your monthly rental payment, it is us that takes the financial hit should a bad tenant not stay up to date with their own rent - another reason why we are focused on accepting only those we would have in our own home.
Our reputation and success depends on a strong and positive relationship with landlords and so it is very much in our interests to keep our promise to you.
HOW MUCH WILL YOU PAY ME EACH MONTH? WON'T I BE WORSE OFF THAN RENTING IN THE "NORMAL" WAY?
With a standard lettings arrangement, unless you are self managing, you will need to pay a management fee to a lettings agency. You are also responsible for ongoing maintenance costs, and void periods can also eat into your returns. A void period of just 3 weeks per year can reduce your annual rental income by almost 6%, for example.
We remove these costs entirely and can make you better off each month with a guaranteed monthly payment that exceeds your current real rental income.
To find out more about how this works please contact us today.
WHAT IS PARETO PROPERTIES RESPONSIBLE FOR?
Once an agreement has been signed, Pareto Properties will take over management of your property and our guaranteed monthly payments to you will begin. Further, we will assume responsibility for internal maintenance costs, utility bills and council tax - regardless of whether the house is occupied or not.
Our cleaning and gardening teams will visit the property on a regular basis to ensure the property and its communal areas remain well looked after. This is also an opportunity for us to find out about any issues at the property that have not been reported by the tenants.
Remember, we GUARANTEE to return the property to you as we found it (or better) and we are the main point of contact for tenants.
Lastly, the demands of our target tenants mean we typically spend some money up-front to ensure it meets their needs.
WHAT AM I RESPONSIBLE FOR AS PROPERTY OWNER?
Most importantly, you will continue to be responsible for paying the mortgage on the property (if applicable).
You will also need to make sure that the exterior/structure of the building remains sound. Pareto Properties is not responsible for any exterior issues such as loose roof tiles or broken/damaged bricks.
You should make sure the property is appropriately insured (an HMO landlord product will be needed – we can help with this) and lastly, you will need to ensure that you have adequate safety/environmental certificates in place such as EPC, gas safety and electrical safety.
Most of this is no different to any responsibilities you would have under a standard lettings agreement.
HOW DOES PARETO PROPERTIES MAKES ITS MONEY?
Firstly, Pareto will never charge you or ask you for any upfront fees or commissions. There are no fees for you other than anything you may have already pre-agreed with a lettings agent.
We earn our fees/commissions from our tenants, who work for local businesses and organisations. Since we provide high-quality and stable housing for our tenants we are able to achieve a slightly higher rental rate.
It’s a lot of work for us but this doesn’t impact you as the property owner – your monthly rental payments are guaranteed for the life of the agreement so you can focus on more important things.
DO YOU BELONG TO ANY PROFESSIONAL BODIES?
As a professional and forward-thinking company, Pareto Properties is strongly committed to ensuring industry standards are not just met but are exceeded.
We are registered with the Property Redress Scheme (PRS), a government authorised consumer redress scheme. The purpose of this scheme is to provide an escalated complaints procedure if you are unhappy with how a complaint has been dealt with by us.
In addition to this, Pareto Properties is a member of the National Landlords Association (NLA). Among other things, membership helps ensure we remain at the forefront of the property industry and are up-to-date with the latest legislation and regulations.