As part of the new partnership, the agents will advise tenants to use Housing Hand if they do not have a qualifying UK guarantor. The agents will then be able to track the applicant's progress and their total number applicants they have referred via their own unique account on the Housing Hand website.
Housing Hand works with a host of other agents across the UK including Student Cribs, Kinleigh Folkard & Hayward and Chancellors, as well as hundreds of other providers across a range of industry sectors including universities, private landlords and private halls, such as CRM Students, Homes for Students and Hello Student.
Jeremy Robinson, Managing Director of Housing Hand, commented: “We are delighted to be working with Knight Frank and so many new letting agents and look forward to helping them access a wider range of tenants, that wouldn’t otherwise be able to meet the standard criteria.
“Letting agents who have partnered with Housing Hand have been able to increase occupancy, due to larger pool of creditworthy applicants and have been able to eliminate the risk of rent loss, due to tenant default, at no cost to them. They have been able to tap into the huge potential market of international tenants and those with a poor credit history who have previously been viewed as too risky to sign up.
“Tenants using our guarantor service are charged a one-off fee paid at the start of the tenancy. Alternatively, fees can be paid via eight monthly instalments, from £42 per month, ensuring the upfront cost of renting is kept to a minimum.
“Prices start from just £295 for up to 12 months cover. The exact fee depends on several factors including the rent amount. Applicants receive a free, no obligation quote by making an application. The student fee will be between 60-95% of their share of the monthly rent, subject to a minimum of £295.
“There are added benefits to students since they can expect a percentage of their fee back at the end of their tenancy as a rebate. This ‘money-back’ offer increases year on year with users of the service entitled to 15% of their fee back after one year of using the guarantor service, doubling to 30% of the second years fee and 45% in year three.”
