TheGuarantors offers a Rental Lease Guarantee. For every lease covered, the rent is fully guaranteed.
If you want to pass some savings onto your tenant, ask about our Dynamic Coverage. Dynamic Coverage lets you decide how much rent needs to be guaranteed because sometimes, less is more.
And one last thing: we can take care of the Security Deposit too. Just let us know, and we'll include our 1 Month SDR Add-on (or less, if that's what you prefer) to the policy that acts exactly like a regular cash security deposit--it covers damages, legal fees, missed rent--basically everything but ordinary wear and tear.
1. TENANT DEFAULT
Tenant defaults on its rent obligations under the Lease (or does something else that warrants eviction).
2. LANDLORD COMMENCES EVICTION PROCEEDING
Landlord notifies us of the default and commences an eviction proceeding within 45 days. The landlord can of course regain possession of the unit through negotiation, but at the very least, eviction proceedings must begin within 45 days.
Once Landlord is in possession of the unit (either through eviction, abandonment, or otherwise), Landlord submits a claim for lost rent and we pay within 3 days. Just send us your standard rent ledger, and we’ll take it from there. Don’t worry: You don’t need to claim everything at once--you can submit additional claims as the missed rent piles up.
4. WHAT’S COVERED
We pay the rent that the tenant was supposed to pay. That means any rent in arrears, and any missed rent going forward until a new tenant is found. We don’t pay penalties, accelerated rent, damages, or legal fees--but you can use your security deposit for that (or our SDR Add-on). Finally, we don’t pay if the tenant wouldn’t have to pay, for example, if a court says there was a constructive eviction, or something like that. These are general rules of thumb--we anticipate that there are going to be at least some new and unusual circumstances as a result of the current public health crisis that will require closer consideration, but we're not going to leave anyone high and dry.
5. GETTING THE UNIT BACK ON THE MARKET
We will work with your team to get the apartment on the market and re-rented as soon as possible. Obviously, you run the show, but we’ll help as much as you’d like. The only thing we ask is for you to stay business-as-usual and don’t let the unit stay empty just because the rent is guaranteed. Don’t worry, in the event the apartment is re-rented for a lower price, we will pay the difference.