What is the Advanced Rent Option (ARO)?
ARO is a quality full management service that includes a year’s rent upfront at no extra cost. ARO is available for new and existing tenancies provided the property is compliant and the tenants pass a professional referencing check.
The ARO is changing the way investors and landlords are looking at their investments and is a huge game changer for anyone with a buy-to-let property. ARO offers Landlords the ultimate in terms of peace of mind, flexibility and financial freedom.
Choices have been in the business since 1989 and have over thirty years property experience managing many thousands of properties, so you can rest assured that when you choose an ARO through us you and your property are in safe and experienced hands.
How it works
Choices become your Primary Tenant using our proprietary Primary Tenancy™️ business model and pay you a year’s rent in advance, less our standard fees and charges. We then collect our rent monthly from the tenants in the property. Practically speaking and in other respects the ARO is similar to our conventional Full Management Service.
Assuming there is not already a tenant in residence, we will find you a quality tenant. Prior to move in we will ensure that the property is fully compliant and the tenant is professionally referenced and during the tenancy we will carry out all our normal duties as your managing agent. In the case of a new tenancy, we will transfer your funds less our agreed fees once the tenant has moved in and paid us their first month’s rent. If you have already have a tenant we will transfer your funds once we have completed our checks, established a new 12 month tenancy and received the first month’s rent.
Landlord Rent Guarantee
The ARO, like any conventional full Management service, is available with or without a rent guarantee. If you choose not to have the rent guarantee and our tenant does not pay us the full 12 months’ rent then you would be liable to repay the balance, or, we can collect it back from a new tenant at our discretion.
If you choose our Landlord Rent Guarantee and our tenant doesn’t pay their rent, you will not be liable to repay us the amount not collected, unless the tenant leaves the property mid tenancy and there is a void. In this event where the tenant leaves during the twelve-month contract, we would normally re-let your property with a new ARO for the new tenancy, minus the rent portion not paid back by the previous tenant on the original ARO tenancy.
Alternatively, if there is rent outstanding and you decide to go in another direction with your property, you will be liable to refund us the outstanding portion of advanced rent.
What costs are involved?
- ARO full management rate costs the equivalent of 15%+vat
- Optional landlord rent guarantee: 3.75% of the annual rent
- Set up costs depend on your needs and usually cover safety certificates, licenses, admin, referencing, professional inventory and deposit registration.
If you are interested in the ARO please complete the form below and one of our advisers will be happy to help with your personalised illustration.
What Landlords are saying:
Robert W ‘We decided to go for ARO as it gave us a lot more peace of mind to get our rent up front for the year rather than monthly.’
Lauren E ‘I used the cash from the ARO to pay off my credit card bill and cover some refurbishment costs on my new house.’
Chris H ‘I used the upfront money from the ARO as a deposit for my next buy to let property in Manchester.’
Emily A ‘When we heard about ARO we liked it but first we asked several agents if they did something similar and no one did, it really is a unique offer and so useful’
All the terms and conditions of the Advanced Rent Option and all our other services are available on request.