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How Nomad is Changing the Property Management Space with Guaranteed Rent

Published on: Apr 4, 2024

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Stepping into the world of owning and operating a rental investment presents a unique blend of opportunities and challenges. It’s an adventure that can be extremely lucrative, but doesn’t come without its hurdles. The reality is that owning a rental property can sometimes make you feel like you’re navigating through a maze of constant issues, from dealing with property damage and maintenance headaches to the dreaded and all-to-common problem of missed rent payments. 

This is where Nomad steps in. Our flagship product, Guaranteed Rent, is designed to address many of these concerns, offering a suite of benefits that make managing your property as smooth and worry-free as possible. The cornerstone of this product is the guarantee you receive your rent payments on time, every month, no matter what. This means no more anxious waiting or uncertainty; instead, you'll have a consistent cash flow and peace of mind knowing your financial plans will remain on track and you never miss a mortgage payment. 

If you’re thinking this is too good to be true, you aren’t alone. Many of our owners had similar concerns over how we can guarantee rental payments, what amount we guarantee, what the costs are for partnering with us, the list goes on. This article is meant to be a holistic overview of what Guaranteed Rent is and answer any and all questions you may have to ensure you  understand why Nomad is the best choice for investment property owners looking for peace of mind in the rental market. Let’s dive in!

Securing the Right Tenant for You

The first step of guaranteeing your rent is making sure you land a qualified tenant. This is only possible by crafting a compelling and professional listing. Nomad streamlines this process by offering powerful tools that assist in building and posting your listing, pricing your property, screening tenants, and more!

Create Your Professional Listing

Creating a professional listing with Nomad is more than just filling out a form; it's about strategically presenting your property to appeal to potential tenants. We guide you through each step to make sure your listing showcases the best aspects of your property. Once you feel comfortable with the listing itself, we publish it with one click across 30+ leading rental sites to maximize your potential applicant pool. 

Pricing Your Property to Perfection

Pricing your rental accurately is critical for attracting applicants. Nomad helps by providing you a top-notch market estimate, giving you a great starting point for setting your rental price. However, the final decision on pricing rests with you, the owner. It's a delicate balance; setting the price too low might attract less qualified applicants, while a price too high could lead to longer days on market. The goal is to find that sweet spot where your property is competitively priced but is not a barrier of entry for qualified tenants.

Nomad’s Robust Screening Process

The cornerstone of Guaranteed Rent is our thorough screening process. This step is critical to make sure we select tenants who are likely to treat your property with respect and consistently pay rent on time. Given that Nomad guarantees your rent, it's in our collective interest to ensure that only the most qualified applicants are considered. We run all applicants through a 10-point background check and pull their TransUnion Resident Score to better understand their rental, criminal, and credit history, along with their employment status. We then verify their income and identity to ensure they’re being truthful, so you know who is going to be living in your asset. 

Select Your Tenant and Finalize Your Lease

With the insights gained from our comprehensive screening, you can confidently select your tenant. Nomad supports this by providing you a state-specific, lawyer-vetted lease which you can send to your chosen applicants. This process is completed securely within your owner portal so that every aspect of the lease agreement is handled professionally and efficiently. This final step not only secures your tenant but also locks you in for Guaranteed Rent!

The Specifics of Guaranteed Rent

Understanding the specifics of Guaranteed Rent is crucial for property owners considering Nomad. This section aims to demystify the concept and clarify what you can expect working with us. Guaranteed Rent is designed to offer stability and predictability in your rental income, but there are essential details to grasp to fully appreciate its value.

What Amount Do I Get Guaranteed?

A common question from owners is about the amount of rent they can expect to receive each month. It's important to note that the amount guaranteed is not the figure provided in your initial estimate. Various factors influence our estimates, including seasonality, market competition, and unique amenities your property might offer. The guaranteed monthly amount you receive is the one secured in your lease agreement with your tenant.

How Does It Actually Work?

The Guaranteed Rent program operates on a simple yet effective premise: Nomad will pay you the agreed amount on time, each month, every month, regardless of the tenant's payment status. This commitment stands for up to three months before a tenant is deemed delinquent. During this period, your cash flow remains uninterrupted, giving you financial stability and peace of mind. In the event your tenant is considered delinquent, Nomad doesn’t just stop at covering your rent. We provide you with the necessary support to process an eviction, including up to $5,000 in reimbursement for legal fees associated with the process. This level of support underscores our commitment to not only ensuring consistent rental income but also to standing by our property owners through more challenging times. 

More Than Just Guaranteed Rent: Additional Benefits with Nomad

Partnering with Nomad brings a suite of benefits that extend far beyond the financial stability of Guaranteed Rent. Our comprehensive approach to property management ensures that owners enjoy peace of mind, security, and convenience, making the landlord experience smoother and more rewarding. Here’s a closer look at what else you get when you choose to work with Nomad. 

Unrivaled Property Protection

Every Nomad owner is automatically enrolled in our Property Protection Plan. This plan is designed to offer an extra layer of security, covering accidental damages and scenarios that traditional landlord insurance doesn’t address. With this plan, you receive comprehensive real, liability and property protection, offering a safeguard against unforeseen incidents for no additional charge. This level of coverage ensures that your investment is protected, allowing you to rest easy knowing that your property is in good hands. 

Access to Nomad Home Assistant for Maintenance Requests

Maintenance and repairs are an inevitable part of property management, but Nomad makes this as seamless as possible with Nomad Home Assistant. This tool empowers owners by giving them full visibility into all maintenance requests. Not only can you track every request, but you also have the authority to approve or deny work orders as you see fit. Whether you prefer to use our trusted network of local vendors or your own trusted handymen, Nomad Home Assistant puts you in control.

Ability to Request a Rent Advance

Nomad offers a unique financial flexibility option that sets us apart: the ability to request a rent advance. This feature allows you to request up to six months of rent upfront. Whether you need the funds for repairs, wish to invest in another venture, or simply want additional cash flow, this option provides you with significant financial leverage. 

Understanding Pricing with Nomad

When it comes to pricing, Nomad believes in transparency and flexibility, allowing property owners to tailor their experience to best meet their needs and budget. Our pricing structure is designed to accommodate a variety of service levels, making sure any owner can enjoy the benefits of partnering with Nomad regardless of the scale or specifics of their property management requirements.

Upfront and Monthly Fees

All Nomad owners begin finding a tenant for free. The monthly cost depends on your preferred payment method and the services you select. Owners are billed 4% of the achieved rent for their property each month if they opt to pay their fees upfront for the year. For those who prefer the flexibility of monthly billing, a slightly higher rate of 6% applies. 

Optional Services for Enhanced Flexibility

In addition to the standard services, Nomad offers several optional enhancements that can further streamline the rental process and maximize your property’s appeal. These are subject to your location and will not be available to all owners.

  • Self-Guided Tours via Lock Box: For $499, owners can opt to have residents tour the property themselves using a lock box. This option is perfect for those looking to minimize in-person interactions or streamline the viewing process.

  • Agent-Led Property Showings: If you prefer a more personalized approach, leveraging an agent to show your property is an option for $899. This service offers potential tenants a guided tour of your property, providing a more hands-on experience.

  • Professional Photography: High-quality photos can significantly enhance your property’s listing appeal. Owners can purchase professional photos, ensuring that their property is showcased in the best light possible. These photos are yours to keep, offering a valuable asset for current and future marketing efforts.

Hopefully by now you can see it's clear that Nomad's Guaranteed Rent program and our comprehensive suite of services set us apart from the traditional ways of managing your property. Whether you're new to the investment scene or looking to optimize the management of your existing portfolio, Nomad provides peace of mind, financial stability, and a level of convenience that's hard to match. If you’re interested in getting started, head over to our website or click here to get in touch with a member of our team!

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